Mirabela Nickel has secured a $US150 million ($A238 million) facility from a consortium of lenders to fund development works at its Santa Rita nickel project in Brazil.
The nickel hopeful today said it had signed a commitment letter for the senior secured term loan facility, which has been arranged and underwritten by Barclays, Credit Suisse, West LB and Caterpillar Financial Services.
The facility is conditional on Mirabela raising $US133 million ($A211 million) in additional equity and other necessary approvals.
Mirabela said it could also secure a further $US40 million towards the facility, should another unnamed lender agree to terms with the commitment letter.
Should that lender come onboard, Mirabela said its capital raising requirement will reduce to $US95 million.
Mirabela said the facility, together with the required equity funding, will meet its total funding requirements to complete construction of Santa Rita, which is slated for first production mid this year and has a mine life of at least 14 years.
Additionally, Mirabela has bought a mining fleet worth $US55 million from two Caterpillar dealerships in Brazil.
The aspiring miner said it has signed a fleet financing commitment letter with Caterpillar Financial under which the latter has agreed to arrange financing for o90 per cent of the cost of the fleet.
Delivery of the fleet will start in April.
Shares in Mirabela jumped 41 per cent to an intraday high of $1.60 before easing to $1.30 at 12:54 AEDT, which is up 16.5 cents from yesterday's close.
