Pilbara meets shipping targets, draws down funds
Mining News Pro - 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.

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