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MINERAL RESOURCES LIMITED — Capital/Financing Update 2012
Nov 12, 2012
65337_rns_2012-11-12_b81d556a-3aae-4b37-942d-e5b45787c981.pdf
Capital/Financing Update
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13 November 2012
The Manager Company Announcements Australian Securities Exchange Limited Level 8, Exchange Plaza 2 The Esplanade PERTH WA 6000
MRL concludes $558 million loan and guarantee facility
Mineral Resources Limited (ASX:MIN), (MRL), announces that it has concluded a four year, $558 million syndicated loan and guarantee facility (the Facility).
The loan portion totals $322 million and will be used to refinance all existing bank facilities, provide funding for recently awarded plant installations and also additional resources for anticipated new contracting work. The facility, consisting of term loan and revolving portions, attracts a margin of 235 bps over BBSY based on MRL’s gearing levels. Transactional and equipment finance facilities are available separately.
The guarantee facility of $236 million will be used to replace existing statutory and performance bonds and provide additional capacity for future contracting opportunities.
A syndicate consisting of Australian and international banks, led by National Australia Bank, has been formed to support the Facility which also contains provision for further inclusions in the future if required.
CFO, Bruce Goulds, said “ This Facility allows MRL to restructure its existing financing facilities and also provides the opportunity to enhance shareholder value by further expanding its contracting base. It continues to be the company’s strategy to retain a low geared balance sheet and maintain the headroom to take advantage of opportunities as they arise. ”
Mineral Resources Limited is a leading, integrated, Australian based mining services and processing company with operations in contract crushing, general mine services, infrastructure provision and recovery of base metal concentrate for export. Operations are supplemented by rehabilitation and sale of heavy duty crushing and processing equipment, hire of engineering and crushing fleet plant and workshop manufacture of polyethylene pipe fittings and components.
Comprising long standing core businesses reporting as a single entity, PIHA Pty Ltd, Crushing Services International, Pty Ltd Process Minerals International Pty Ltd, Polaris Metals Pty Ltd and Mesa Minerals Limited, Mineral Resources Limited has developed a strong reputation for the cost effective delivery of its services and products to the resources and infrastructure sectors.
For further information contact:
Bruce Goulds
Chief Financial Officer Telephone: (08) 9329 3600 www.mineralresources.com.au
1 Sleat Road, Applecross, Western Australia 6153. Locked Bag 3, Canning Bridge, Applecross, Western Australia 6153 P +61 8 9329 3600 F +61 8 9329 3601 W www.mineralresources.com.au
Mineral Resources Limited | ABN 33 118 549 910 | ACN 118 549 910