- Pilbara Minerals (PLS) reaches an agreement with its existing lenders to increase its senior debt facilities to support the planned expansion of its Pilgangoora project in WA
- The lenders have agreed to increase the total debt facility limits by US$30 million (A$41.5 million) to US$155 million (A$214.4 million)
- These additional funds will mainly be used for the staged restart of the Ngungaju Plant
- Maturity date of the undrawn working capital facility has been extended to November 2023
- Pilbara’s shares are up 4.84 per cent and are trading at $2.60
Pilbara Minerals (PLS) has reached an agreement with its existing lenders to increase its senior debt facilities to support the planned expansion of its Pilgangoora project in WA.
The lenders, comprising BNP Paribas, the Clean Energy Finance Corporation , Société Générale and the Industrial and Commercial Bank of China, have agreed to increase the total debt facility limits by US$30 million (A$41.5 million) to US$155 million (A$214.4 million).
These additional funds will mainly be used for the staged restart of the Ngungaju Plant.
Wet commissioning at Ngungaju commenced on October 7, this is the first step of a staged recommissioning of the Ngungaju Operation. The fines spodumene processing circuit is expected to commence production during the March 2022 quarter.
Maturity date of the undrawn working capital facility has been extended to November 2023.
Pilbara Minerals’ Managing Director, Ken Brinsden, commented on the increased debt facilities.
“We are pleased to have expanded our existing facilities with our supportive lending
group with the increase of US$30 million (A$41.5 million) sufficient to underpin the restart of the Ngungaju Plant in a cost-effective manner,” he said.
“The increased facility limit is another demonstration of the strength of our business, the quality of our asset, and follows an extraordinary year of growth and transformation for Pilbara Minerals.”
Pilbara was up 4.84 per cent to trade at $2.60 per share at 3:00 pm AEDT.