Western Areas Strikes Offtake, Financing Deal With BHP
12 Mars 2009 - 3:37AM
Dow Jones News
Western Areas NL (WSA.AU) said Thursday it has struck an offtake
deal that will see BHP Billiton Ltd. (BHP) buy nickel concentrate
from its Forrestania project and provide A$45 million in
financing.
The pair have signed an agreement that will see BHP buy up to
10,000 metric tons of high grade blended nickel in concentrate a
year from the Forrestania nickel concentrator.
As a part of the offtake deal, BHP will also provide A$45
million in financing to Western Areas, most of which will be used
for early development of the Spotted Quoll deposit and the
expansion of the processing plant.
Repayment of the loan from BHP will begin in July 2012 and is
subordinated to Western Area's senior lender, the ANZ Banking Group
Ltd. (ANZ.AU).
Western Areas Managing Director Julian Hanna said the deal
offers significant benefits to the miner and the terms of the
offtake agreement are an improvement on the existing agreement with
Norilsk Nickel (NILSY).
-By Alex Wilson, Dow Jones Newswires; 61-3-9671-4313;
alex.wilson@dowjones.com
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