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Pilbara secures funding to expand Pilganoora lithium deposit
Australian mining company Pilbara Minerals has secured funding from two of its key customers, in order to expand its Pilganoora lithium ore deposit.
The funding is comprised of a US$25 million offtake pre-payment facility provided by Chinese automotive manufacturer, Great Wall Motor Company, a $50m equity placement to Ganfeng Lithium, and a proposed new $50m Nordic bond to be implemented in the current quarter, with bondholder consent.
The funding package will be combined with Pilbara’s existing cash reserves and future cash flow from stage 1 operations of the Pilganoora resource to fully fund the second stage of operations. Pilbara is targeting commissioning of stage 2 from the March quarter 2020.
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