BP gets $5bn loans on oil sales

first_imgMonday 16 August 2010 8:43 pm Show Comments ▼ whatsapp Beleaguered energy giant BP?has secured $5bn (£3.2bn) fresh financing by securing debt against its revenues from oil sales for the first time. It is understood the debt will be used to ease BP’s general liquidity position rather than to fund the $20bn escrow account set up to pay for damages caused by its gargantuan oil spill off the coast of Louisiana in the US. BP said the loans created “further flexibility for BP as an alternative form of financing in addition to its more conventional debt financing such as corporate lending”. KCS-content BP gets $5bn loans on oil sales Tags: NULL whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Sharelast_img read more

Silver boom boosts Fresnillo

first_imgTuesday 1 March 2011 7:48 pm Tags: NULL Read This NextNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap whatsapp MEXICAN silver miner Fresnillo was yesterday the latest firm to post bumper gains from the commodities boom, more than doubling its pre-tax profit to $1bn (£615m). The firm said the price charged for its gold and silver rose 27 and 40 per cent respectively during the year, on production up 33.4 and 1.7 per cent – all record highs for Fresnillo. The company had no debt and a cash position of $559.5m at the end of the year, more than enough to fund its planned capital expenditure as it looks to expand or start six mines in 2011. The London-listed miner said it expects silver production to rise five per cent this year to 44m ounces.Gold output is anticipated to increase five to six per cent to around 390,000 ounces, not as fast as the eight per cent rise the company had targeted in January.However, the firm said it was on track to produce 65m ounces of silver and over 400,000 ounces of gold annually by 2018.Fresnillo said its production costs were in the lowest quartile of the industry at $3.30 an ounce for silver and below $400 an ounce for gold.“For 2011, despite the uncertain outlook for economic and metal price performance, we expect that our high quality resource base and low-cost production profile will enable Fresnillo to deliver growth,” it said in a statement.Fresnillo shares gained slightly after the announcement, closing up 0.13 per cent at £15.96. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com Show Comments ▼center_img Share whatsapp KCS-content Silver boom boosts Fresnillo last_img read more