Pilbara Minerals has completed a $US100 million ($132 million) bond issue, moving it closer to funding development of its Pilgangoora lithium project in Western Australia.
The proceeds of the bond issue will underpin the financing package required to develop Pilgangoora, according to the company.
Several Australian and international investors focused on the natural resources and renewables sectors supported the raising.
Pilbara managing director Ken Brinsden commented: “This represents a strong endorsement of the Pilgangoora project’s outstanding economics and credentials as one of the largest and most important new hard rock lithium and tantalum projects in the world, and the rapid progress which Pilbara Minerals has made to advance this globally significant lithium project towards development.”
The successful bond issue is the latest milestone for Pilbara in 2017, with it last month also securing a key environmental approval for the lithium-tantalum prospect from WA’s Department of Mines and Petroleum.
Pilbara also announced an off-take agreement with China’s Jiangxi Ganfeng Lithium for spodumene production from Pilgangoora last month.
In January, RCR Tomlinson was named as the engineering, procurement and construction (EPC) contractor for the project. Pilgangoora’s processing plant is scheduled to start production in first quarter 2018.