Chrome producer Ruukki Group announced a new USD 55 million standby loan facility.

The loan agreement with Kermas Ltd replaces the current facility also for the same amount which expires on December 31 this year.

That was restricted to working capital purposes only, said Ruukki, while the new facility is less restrictive and will give the company additional financing options.

These will be over and above its current cash reserves.

Ruukki supplies specialist products to the expanding steel and stainless steel industries, and is pursuing its growth strategy to increase its ore resources and expand production.

Kermas has a 29% holding in the firm.

The loan facility is available until December 31, 2014 and the loan term will be from the first draw-down until a year later - on December 31, 2015.

Chromex Mining plc is an AIM quoted dedicated chrome company established to acquire, control and develop chromite mining and processing facilities. It currently has two key mining assets located on the Bushveld Complex in South Africa, which between them have total resources of approximately 41 million tonnes of chromite.

(Sourced from proactiveinvestors.co.uk)