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.