Photo by: Bloomberg
PERTH (miningweekly.com) – Lithium developer Pilbara Minerals has successfully completed a senior secured bond issue, raising a total of $100-million to finance its Pilgangoora lithium/tantalum project, in Western Australia.
The bond issue was launched in May, and was well supported by a combination of large Australian and international funds.
“We are very pleased with the response from debt investors in the book build process for this bond issue. This represents a strong endorsement of the Pilgangoora project’s outstanding economics and credentials as one of the largest and most important new hard rock lithium and tantalum projects in the world,” said Pilbara MD Ken Brinsden.
The proceeds from the bond issue will underpin the Pilgangoora project financing package required to develop the project, with first draw-down expected in October this year.
The A$234-million Pilgangoora project is expected to produce an average of 314 000 t/y of 6% spodumene concentrate and 321 000 lb/y of tantalite, over a mine life of 36 years.