South Africa-based Northam Platinum Ltd. completed a private placement of domestic medium-term notes worth 500 million South African rand under its 5 billion rand domestic medium-term note program.

The new notes have a five-year maturity and will have a floating rate of 3.30% per annum above the three-month Johannesburg interbank average rate, with interest payable quarterly.

Proceeds will be used to recommission and development the company's Eland platinum mine, according to a Dec. 13 news release.

The new notes were issued to Industrial Development Corp. of South Africa Ltd. and listed on the Johannesburg Stock Exchange. Following the placement, the company said the total value of notes issued under the program is about 4.18 billion rand.

The company said in a separate release that it reached a five-year wage agreement with the Association of Mineworkers and Construction Union at the Booysendal platinum mine.

The settlement is effective July 1.