Mirabela takes out $US50m loan

West Perth-based Mirabela Nickel Ltd has drawn down $US50 million of an $US80 million financing facility secured last month to progress its Santa Rita project in Brazil.

Construction of the nickel project is now more than 50 per cent complete and Mirabela said ongoing funding of the project has moved from equity to debt.

The $US80 million bridging financing facility was secured with Barclays and Credit Suisse. Both banks have agreed to underwrite a $US280 million term loan facility to be syndicated later this year.

First production is expected to start mid next year with the plant expected to produce 18,500 tonnes per annum of nickel and then increasing to 25,000tpa by mid-2010. The project has a mine life of at least 14 years.