Pilbara Minerals gets $100m funding for Pilgangoora lithium project, Australia
Pilbara Minerals has raised $100m through a bond issue to fund development of its Pilgangoora Lithium-Tantalum project in Western Australia.
The company noted that bond issue was taken up after due diligence, and with the support of Australian and international investors focused on the natural resources and renewables sectors.
Pilbara Minerals managing director Ken Brinsden said: “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 company’s 100%-owned Pilgangoora is reportedly at the forefront of near-term lithium supply. The project is also host to spodumene (Lithium Aluminium Silicate) production.
The settlement of the bond issue is scheduled to take place later this month.
Last month, the company received environmental approval from Western Australia's Department of Mines and Petroleum to perform construction and development works at the project site.
In addition, Pilbara signed an off-take agreement with China’s Jiangxi Ganfeng Lithium for spodumene production from Pilgangoora last month.
Under the agreement, 160,000tpa of spodumene concentrate will be available for offtake for a ten-year period, with an extension of a further decade.
Pilbara Minerals is a mining and exploration company focused on lithium and tantalum.
Image: Pilbara Minerals has taken up bond issue after due diligence. Photo: courtesy of backtrust/ Freeimages.com.