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Newcrest renews $US2.5b  debt, extends repayments
Newcrest renews $US2.5b debt, extends repayments

Gold miner Newcrest has renewed loans worth a total of $US2.5 billion ($A2.44 billion), extending its repayment dates for up to five years.

Newcrest said today it had renewed loans with 10 banks worth $US250 million ($A243.82 million) each, for terms of three and five years.

The new arrangements replace existing loans that were due to mature progressively from late 2012 to early 2013, Newcrest said.

The company will begin drawing down on the new loans once certain conditions are met, which is expected to occur in the coming month.

Newcrest operates the Telfer mine in the Pilbara , Cadia Valley in NSW, the Lihir and Hidden Valley projects in PNG and also has operations in Indonesia and west Africa.

Newcrest was up 73 cents, 3 per cent, to 25.38 at 11.20am.