![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Sg Issuer 26 | LSE:53IR | London | Medium Term Loan |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
RNS Number:7483V Albidon Limited 30 April 2007 Level 1 62 Colin St West Perth 6005 ALBIDON LTD Western Australia ARBN 107 288 755 Tel:x+61x8x9211 4600 Fax:x +61x8x9211 4699 Email: xinfo@albidon.com ASX Code: ALB AIM Code: ALD Market release via electronic lodgement US$60M FINANCE APPROVED FOR MUNALI NICKEL PROJECT HIGHLIGHTS * The European Investment Bank and Barclays Capital have formally approved and signed a senior debt finance facility of up to US$60 million for the Munali Nickel Project. * The financing provides the remaining funding required for development of Munali, including construction costs, working capital requirements and will also ensure Albidon retains sufficient funds for exploration and business development activities. * Approval of the senior debt financing marks the successful completion of due diligence and detailed documentation. Munali Nickel Project The Munali Nickel Project is located approximately 60 kilometres south of Zambia's capital city Lusaka. A positive Bankable Feasibility Study was completed in July 2006 and site works commenced in September, following receipt of all required approvals. A capital raising was completed in October to provide US$35 million of equity finance for the project funding. Following the signing of an offtake agreement in December 2006, an offtake financing package was recently concluded with Jinchuan Group, comprising US$20 million in subordinated debt and a US$5 million equity investment. US$60 Million Senior Debt Financing The European Investment Bank ("EIB") and Barclays Capital ("Barclays") were mandated to act as joint Lead Arrangers to provide a financing facility for Munali of up to US$60 million, as announced in January of this year. EIB and Barclays advise they have now received formal board and credit committee approval to complete the senior debt funding arrangements for the project. Together with the October 2006 equity capital raising of US$35 million and US$25 million in offtake financing recently concluded with Jinchuan Group, this completes the financing arrangements required for development of the Munali Nickel Project. The key features of the senior loan facilities are as follows: * Loan amount up to US$60 million. * US$40 million to be provided by EIB and US$20 million to be provided by Barclays. * Loan tenor of six years. * Political risk insurance required on only a portion of the facility. The funding is subject to satisfaction of standard conditions precedent for first draw down. European Investment Bank and Barclays Capital EIB is the long-term financing institution of the European Union and has extensive experience of funding investment projects, including the mining sector, in Africa. This expertise includes current base metal mining and processing projects in Zambia and neighbouring countries. EIB has been an important supporter of Albidon since 2002, through its investment in the African Lion Mining Fund. Barclays Capital, the investment banking division of Barclays Bank PLC, is a leading provider of finance to the mining sector and has a wealth of experience in financing projects in Africa. The Mining & Metals team at Barclays Capital is complemented by one of the strongest commodities groups in the banking sector who will coordinate the risk management of the Munali project. Barclays also currently provides commercial banking services to Albidon in Zambia. Albidon is pleased to have the support of two such distinguished groups and looks forward to extending our existing relationships with EIB and Barclays to develop Munali for the benefit of all stakeholders. Forward Programme for Munali The implementation of the Munali Project is progressing, with a focus on the following key areas of activity: * Development of the underground decline access following successful completion of the boxcut. * Tender of the long term mining contract. * Installation of the long term power supply system by Zesco, the Zambian power authority. * Site preparation for initial earthworks on the Munali concentrator. * Ordering of additional items of equipment for the concentrator. * Recruitment of additional key personnel to implement the project. Initial concentrate production and subsequent project ramp up is targeted to commence in mid 2008. By order of the Board Albidon Limited If you have any queries please contact the Chief Financial Officer, Nicholas Day or Managing Director, Dale Rogers on +61 8 9211 4600 or email nickd@albidon.com. Additional information may also be viewed on Albidon's website at www.albidon.com Albidon's nominated adviser is RFC Corporate Finance Ltd, contact Stephen Allen +61 8 94802500. This information is provided by RNS The company news service from the London Stock Exchange END MSCILFEISFIIVID
1 Year Sg Issuer 26 Chart |
1 Month Sg Issuer 26 Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions