South Africa’s largest gold miner Harmony Gold has refinanced and increased its existing $350 million loan and revolving credit facility, raising it to $400 million, lead arranger Absa Bank Limited said on Wednesday.

Absa said the syndication of term loan and revolving credit facility was oversubscribed, adding that it reflected the confidence of participating banks in Harmony’s credit quality, its mining assets and strength of its balance sheet.

The facility will help Harmony expand its existing operations in South Africa, Papua New Guinea and the rest of Africa, the Absa statement said.