PERTH (miningweekly.com) – Spodumene and tantalum producer Pilbara Minerals has completed the drawdown of a $110-million finance facility, used to redeem the outstanding balance owing under a $100-million senior secured Nordic Bond.
The Nordic Bond was used to support financing of the Stage 1 Pligangoora lithium/tantalum project in 2017.
The finance facility, secured from international bank BNP Paribas and clean energy investor Clean Energy Finance Corporation, will have a five-year term with an average 5% interest rate, based on current market reference rates. Drawdown of the new facility is expected in the current quarter.
Pilbara Minerals told shareholders that the $15-million working capital facility being provided by BNP Paribas under the finance facility remains undrawn.
Meanwhile, Pilbara Minerals has announced the shipment of 43 583 t of spodumene concentrate for the September quarter, which was in line with the guidance previously provided.
The September quarter shipments represented a 49% increase compared with the 29 312 t shipped in the June quarter.