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$50m WA mineral sands project financing complete
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$50m WA mineral sands project financing complete

Global firm Allens has advised Image Resources on its financing of the Boonanarring mineral sands project. 

Firm: Allens (Image Resources NL); Norton Rose Fulbright (financiers).

Deal: Allens has advised Image Resources on the $50 million financing of its Boonanarring mineral sands project.

The firm advised on all aspects of the financing, from initial structuring and discussions with potential financiers and their advisers, through documentation and to satisfaction of conditions precedent, as well as related equity warrants and share issuances.

Value: $50 million.

Area: Project finance.

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Key players: The Allens team was led by partner Nicholas Creed, who was supported by Rod Aldus (senior associate) and Elliott Clutterbuck (associate).

Deal significance: Image Resources, Allens said, has now met conditions precedent for drawdown in the loan note subscription agreement, which will fully fund its high-grade, zircon-rich Boonanarring mineral sands project, one of the richest such mineral sands projects in Australia.

“We congratulate the team at Image on achieving this significant milestone on the path to production at the Boonanarring project,” said Mr Creed.

“Image and its advisers, PCF Capital and Jett Capital, as well as Pala and Castlelake, have achieved a project financing of a mineral sands project in a finance market that traditionally has struggled with the risks associated with mineral sands production, offtake and pricing.”

“We look forward to continuing our work with Image as it progresses Boonanarring during construction and into production in 2018,” he said.

Jerome Doraisamy

Jerome Doraisamy

Jerome Doraisamy is a senior writer for Lawyers Weekly and Wellness Daily at Momentum Media.

Jerome is an admitted solicitor in New South Wales and, prior to joining the team in early 2018, he worked in both commercial and governmental legal roles and has worked as a public speaker and consultant to law firms, universities and high schools across the country and internationally. He is also the author of The Wellness Doctrines self-help book series and is an adjunct lecturer at the University of Western Australia.

Jerome graduated from the University of Technology, Sydney with a Bachelor of Laws and Bachelor of Arts in Communication (Social Inquiry).

You can email Jerome at: This email address is being protected from spambots. You need JavaScript enabled to view it. 

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