MinRes to raise $1bn

Chris Ellison’s Mineral Resources plans to raise more than $1 billion through five-year senior unsecured notes to generate capital expenditure funds.

The miner updated the market this morning that it intended to offer US$850 million of senior unsecured notes due 2028.

MinRes said it intended to use the cash proceeds from the offering for general corporate purposes, including capital expenditures.

The notes would be guaranteed by certain wholly-owned subsidiaries of MinRes, according to the ASX announcement.

MinRes shares were trading down 0.73 per cent to $67.89 at 10:30AM AWST.