Mirabela gets extension for financing documents
PERTH (miningweekly.com) – Embattled nickel miner Mirabela Nickel has gained an extension to the deadline to nail down documents relating to a $45-million interim financing facility.
The financing facility was agreed upon with a consortium of holders of the company’s $395-million senior unsecured notes, which were due in April 2018, and would be used by Mirabela to provide liquidity while the company progresses its restructuring.
Mirabela and its lenders have now extended the deadline to perfect the Brazilian collateral documents until February 12, while also working to execute a definitive agreement to restructure and recapitalise the company by this date.
No binding agreements for the restructuring of the company’s debts have been concluded.
The continued decline in the nickel price has forced Mirabela and its stakeholders to actively discuss potential ways of restructuring the company’s debt; however, the company has told shareholders that this was a complex process requiring dealings across legal, financial, commercial and operational frameworks in three jurisdictions, resulting in a high level of execution risk.
Owing to the challenging nickel price environment, the company has also implemented a reduced mining rate operational plan with mining material movement expected to be restricted to approximately 25-million tonnes for 2014.
In January, Mirabela chairperson Geoff Handley and directors Colin Steyn and Peter Nicholson announced their resignation from the board, with Ian McCubbing appointed as nonexecutive chairperson.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Press Office
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
















