Mineral Resources mulls $1bn notes issue
PERTH (miningweekly.com) – ASX-listed Mineral Resources (MinRes) on Tuesday flagged a potential note offering of up to $1-billion.
The company said that subject to market and other conditions, it would offer up to $1-billion of senior unsecured notes, due in 2027, and senior unsecured notes due in 2030.
The notes will only be offered to qualified institutional buyers and to certain buyers outside of the US in offshore transactions.
Cash raised from the note placement will be used for general corporate purposes, including capital expenditure.
MinRes is currently undertaking an upgrade of its Mt Marion lithium plant, where changes have already resulted in annual spodumene concentrate capacity increasing immediately from 450 000 t to a forecast 600 000 t of mixed grade product by reducing the volume of product going to tails. A second stage of expansion will increase installed yearly plant capacity to 900 000 t of mixed grade product by the end of calendar 2022. This represents approximately 600 000 t of 6% spodumene equivalent in equal proportions of high-grade and low-grade product.
The company is also working with joint venture (JV) partner Albamarle at the Wodgina operation, to restart spodumene concentrate production from Train 1, with first spodumene concentrate expected in May 2022. Given strong market demand, the JV partners have agreed to accelerate the resumption of production from Train 2, with first spodumene concentrate from this train expected in July 2022.
The JV has also agreed to review the state of the global lithium market towards the end of this calendar year to assess timing for the startup of Train 3 and the possible construction of Train 4. Each train has a nameplate capacity of 250 000 t of 6% product.
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