Atlantic reduces size of Droxford facility as insurance pays out
PERTH (miningweekly.com) – Embattled vanadium miner Atlantic has lessened its proposed debt obligations after reducing the size of the funding facility from shareholder Droxford International, following an earlier-than-expected first payout from its insurance.
Atlantic said it had reduced the funding from A$32.6-million to A$29.7-million.
Atlantic had secured a funding facility from Droxford in February to remedy A$100-million in damages at its Windimurra operation, following a major fire in the beneficiation plant.
Last week, Atlantic received approval for the first progress payment under the insurance claim, receiving $16.7-million.
Meanwhile, Atlantic had also agreed a standstill agreement for parent company Midwest Vanadium’s default for failure to deposit $5-million in an interest revenue account would forebear.
Midwest Vanadium was required to deposit the funds into the account on February 3 under its senior secured notes, and pay the full yearly interest payments on February 15 under the terms of the indenture governing the notes.
The forbearance would apply until August 15, and would be subject to there being no further events of default under Midwest Vanadium’s indenture ore the new funding facility.
Atlantic expects the beneficiation plant rebuild to take about nine months to complete.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Showroom
Axiom Hydraulics is a trusted leader in South Africa’s hydraulic industry, delivering world-class components, systems, and engineering expertise...
VISIT SHOWROOM
Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
