REG - South32 Limited - South32 Secures Revolving Credit Facility

South32Announcement

15/12/2021 07:00

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RNS Number : 6688V  South32 Limited  15 December 2021

 

 
 South32 Limited

 (Incorporated in Australia under the Corporations Act 2001 (Cth))

 (ACN 093 732 597)

 ASX / LSE / JSE Share Code:  S32 ADR: SOUHY

 ISIN:  AU000000S320

 south32.net

 

 

 

15 December 2021

 

 

 

SOUTH32 SECURES SUSTAINABILITY-LINKED REVOLVING CREDIT FACILITY

South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) (South32) today announced
that it has successfully executed a refinancing of its multicurrency revolving
syndicated credit facility. The refinancing has secured US$1.4 billion of
commitments from lenders for a five-year term to 2026, with options to extend
for up to a further two years by mutual agreement. The facility refinances the
Group's existing undrawn revolving credit facility that was due to expire in
2023.

The facility has been established as a Sustainability-Linked Loan with
measures linked to our ongoing commitment to emissions reduction and improving
energy and water use efficiency. It complements our sustainability approach
which is aligned with the International Council on Mining and Metals (ICMM)
Mining Principles and is informed by the United Nations Sustainable
Development Goals and the United Nations Global Compact Ten Principles - to
which we remain committed.

South32 Chief Financial Officer Katie Tovich said "Sustainable development is
at the heart of our purpose and forms an integral part of our strategy. We are
taking meaningful action to benefit our stakeholders, our planet and our
business. Our new revolving credit facility provides South32 with continued
access to substantial liquidity and is one of the first in the mining sector
to be directly linked to sustainability performance, aligning our action and
access to capital."

South32 Chair Karen Wood said "The inclusion of specific measures on our
sustainability performance demonstrates our commitment to make a difference by
developing natural resources in a way that improves people's lives now and for
generations to come. Together with the recent changes to our remuneration
framework to align with our commitment to decarbonise and reshape our
portfolio, the new facility strengthens this alignment between our business
and stakeholders."

South32 has obtained a Second Party Opinion from Sustainalytics, who evaluated
and provided an independent opinion on the alignment of the
Sustainability-Linked Loan's framework with the Sustainability-Linked Loan
Principles 2021. Reflecting the Group's continued strong balance sheet and
disciplined approach to capital allocation, our current BBB+/Baa1 credit
ratings were re-affirmed by S&P and Moody's respectively following the
announcement of our proposed acquisition of a 45% interest in the Sierra Gorda
copper mine and increased shareholding in our hydro powered aluminium smelter,
Mozal Aluminium.

You can read more about South32's sustainability performance and initiatives
in our 2021 Sustainable Development Report.
(https://www.south32.net/investors-media/investor-centre/annual-reporting-suite)

 

About us

South32 is a globally diversified mining and metals company. Our purpose is to
make a difference by developing natural resources, improving people's lives
now and for generations to come. We are trusted by our owners and partners to
realise the potential of their resources. We produce bauxite, alumina,
aluminium, metallurgical coal, manganese, nickel, silver, lead and zinc at our
operations in Australia, Southern Africa and South America. With a focus on
growing our base metals exposure, we also have two development options in
North America and several partnerships with junior explorers around the world.

 

 

 

 Investor Relations
 Alex Volante                                  Tom Gallop

T         +61 8 9324 9029
T         +61 8 9324 9030

M        +61 403 328 408
M        +61 439 353 948

E         Alex.Volante@south32.net
E         Tom.Gallop@south32.net
 Media Relations
 Miles Godfrey                                 Jenny White

M        +61 415 325 906
T         +44 20 7798 1773

E         Miles.Godfrey@south32.net
M        +44 7900 046 758

E         Jenny.White@south32.net

 

Further information on South32 can be found at www.south32.net
(http://www.south32.net) .

Approved for release by Graham Kerr, Chief Executive Officer

JSE Sponsor:  UBS South Africa (Pty) Ltd

15 December 2021

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