Norton secures $US105M credit facility

Company News

Norton Gold Fields Limited (ASX:NGF) has secured a $US105 million credit facility through the Perth branch of the Industrial and Commercial Bank of China.
The facility has a term of three years and is guaranteed by Norton's major shareholder, Zijin Mining Group Co. Limited. 
The gold producer will use the facility to fund its 2013 calendar year capital spending requirements at its Paddington operations as well as repay a $38 million loan from Zijin. 
Funds will also be deployed towards ongoing exploration programs, the exploring of acquisition activities and the reduction of operating costs.  
Norton achieved net profit of $11.8 million for the 2012 financial year.