The combination of the Bond and the previously announced 15-year
The Bond is based on a 5-year tenor, will be senior secured and rank equally with the NAIF loan facility.
Together, the NAIF and Bond financing will account for a significant portion of Coburn's total development capital cost of
Strandline Managing Director
'This highly successful debt raising is another strong endorsement of Coburn's outstanding financial returns and technical merit,'
'The
'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.'
The Bond was completed following an extensive due diligence process of technical, financial, market, legal, environmental and social fundamentals. Financial settlement of the Bond is expected by the end of
First drawdown of the Bond proceeds will coincide with the NAIF drawdown regime on a pro-rata basis and will be subject to customary conditions precedent. Key terms for the Bond and NAIF loan facilities are outlined in Schedule 1 and 2 respectively.
With key development approvals in place, +90% product pre-sold to highly reputable customers via long term offtake contracts, major construction contractors appointed, and debt financing completed, Strandline is moving rapidly into development of Coburn.
The Coburn mine life currently contemplates mining until 2045 (based on mining the initial 22.5-year JORCcompliant Ore Reserves), with the potential to extend to 2060 (total 37.5 years mine life) through converting Mineral Resources which exist immediately north and along strike of existing Ore Reserves.
The Coburn Definitive Feasibility Study (DFS) has a pre-tax NPV of
For more information on the Coburn mineral sands project, refer to the ASX Announcement dated
The Bond Issue was arranged by
ABOUT NAIF
The Northern Australia Infrastructure Facility is a Commonwealth Government
ABOUT STRANDLINE
Strandline's project portfolio contains high quality assets which offer a range of development options and timelines, geographic diversity and scalability. They include two zircon-titanium rich, 'development ready' projects, being the large
FORWARD LOOKING STATEMENTS
This report contains certain forward looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside of the control of Strandline. These risks, uncertainties and assumptions include commodity prices, currency fluctuations, economic and financial market conditions, environmental risks and legislative, fiscal or regulatory developments, political risks, project delay, approvals and cost estimates. Actual values, results or events may be materially different to those contained in this announcement. Given these uncertainties, readers are cautioned not to place reliance on forward looking statements. Any forward looking statements in this announcement reflect the views of Strandline only at the date of this announcement. Subject to any continuing obligations under applicable laws and ASX Listing Rules, Strandline does not undertake any obligation to update or revise any information or any of the forward looking statements in this announcement to reflect changes in events, conditions or circumstances on which any forward looking statements is based.
Contact:
Tel: +61 8 9226 3130
Email: enquiries@strandline.com.au
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