Eastern Platinum has secured an additional credit facility of up to C$2 million ($1.42 million) with Ka An Development, bringing the company's total available credit to C$4 million ($2.84) across three facilities.
The new facility, which bears an annual interest rate of 10.25%, matures six months from the date of each advance unless renewed or extended at the lender's discretion.
Overdue amounts will incur interest at 15.375%.
It said proceeds will be used as working capital to support the ramp-up of underground production tonnages at the Crocodile River Mine (CRM).
Eastplats said it intends to ramp up its Zandfontein underground mine to target 70,000 tonnes of run-of-mine ore per month by the end of 2026.
The company owns a number of platinum group metal and chrome assets in South Africa, with all properties situated on the western and eastern limbs of the Bushveld Complex.
Operations at the Crocodile River Mine currently include mining and processing ore from the Zandfontein underground section to produce both PGM and chrome concentrates.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
