$50m WA mineral sands project financing complete

By Jerome Doraisamy|15 May 2018

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.

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

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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.

$50m WA mineral sands project financing complete
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