Strandline secures funding for Coburn
PERTH (miningweekly.com) – Mineral sands developer Strandline Resources has secured $60-million in debt funding for its flagship Coburn mineral sands project, in Western Australia.
The combination of the bond and the 15-year A$150-million loan facility from the Northern Australian Infrastructure Facility (NAIF) meant that Strandline had secured all of the required debt funding for the Coburn project.
“This highly successful debt raising is another strong endorsement of Coburn’s outstanding financial returns and technical merit. The $60-million bond, combined with the NAIF A$150-million loan facility will complete Coburn’s debt requirements and account for a significant portion of Coburn’s overall development capital,” said Strandline MD Luke Graham.
“In parallel with the funding process, Strandline continues to advance front-end engineering design, award of construction contracts, long lead procurement and site early works.”
First drawdown from the bond proceeds will coincide with the NAIF drawdown regime on a pro-rata basis, and will be subject to customary conditions precedent.
Located 240 km north of Geraldton, the A$260-million Coburn project has ore reserves of 523-million tonnes and an initial mine life of 22.5 years at a planned average mining rate of 23.4-million tonnes a year.
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