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Beacon Hill funding process moves a step forward


The coal miner Beacon Hill (LON:BHR) said Friday it has agreed the process of issuing US$19.4mln of unsecured convertible loan notes to financiers Latitude Zero Financial Investment Fund and Darwin Strategic.

It also revealed that due diligence work had begun that will help it land a new secured loan. This will help the group re-finance the senior debt facility provided by Vitol.

The funding round, which should be a stepping stone towards agreeing project finance, will allow Beacon Hill to plan for phase 2B and 2C plant upgrades at Minas Moatize Project in Mozambique next year.

Rowan Karstel said of the news: "This is the first step in strengthening our balance sheet for the planned capital expansions.

“The next phase immediately focuses on progressing the senior debt re-financing facility before year-end to reduce the cost of capital for the company and to provide a solid foundation for future growth.

“In 2014 we will focus on the construction and commissioning of the plant 2B and C expansions and warehouse number four siding in Beira.

“We have a clear goal - to be a tier-one cash cost coking coal mine on global terms."

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