https://www.miningweekly.com

Mirabela given some leeway

23rd April 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Struggling nickel miner Mirabela Nickel has been thrown a lifeline, by the ad-hoc committee of holders, of more than 65% of the company’s $395-million unsecured notes, due in April 2018.

The consortium of holders had previously agreed to a $45-million interim financing facility, but had initiated a review of its commitment to provide further funding to support the Santa Rita operation, in Brazil.

Mirabela reported on Wednesday that the consortium had now agreed to allow the company to draw down the remaining $10-million available under the $45-million loan, and has recommitted itself in support of Mirabela’s recapitalisation efforts.

The nickel miner said that the remaining funds under the loan would be used to support the Santa Rita operations.

Meanwhile, the administrators, which were appointed in February, would continue to progress a recapitalisation proposal for Mirabela, and a meeting of creditors would be convened in due course.

Edited by Creamer Media Reporter

Comments

Showroom

Environmental Assurance (Pty) Ltd.
Environmental Assurance (Pty) Ltd.

ENVASS is a customer and solutions-driven environmental consultancy with established divisions, serviced by highly qualified and experienced...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.296 0.338s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: