Ashurst advises on Thunderbird Mineral Sands Project
13 October 2022
The project financing comprised of:
- A$160 million secured term loan from the Northern Australia Infrastructure Facility; and
- US$110 million Loan Note Subscription Agreement from Orion and a 25 year royalty linked to production from the Project.
The Thunderbird Mineral Sands Project is now fully funded through to first production. Construction is more than 40% complete and first shipment is expected to occur in Q1 2024.
The Project, located in the North of Western Australia, is one of the largest and highest grade mineral sands discoveries in the last 30 years, and will generate a high-quality suite of mineral sands concentrate products to meet market demands. Products include a zircon concentrate and a magnetic concentrate that contains a high quality ilmenite suitable smelting into chloride slag or for manufacturing titanium dioxide pigment.
The Ashurst team was led by partnerGaelan Cooneyand included: partnerCassandra Wee, counselMarina Tinning, senior associateZoe Woolford, and associates Rebecca Bahrami, Madeleine Agar and Dominique Roth (International Projects Group); partnerCaroline Smart(Global Markets); partnerAndrew Gay, counselCheyne JansenandMichael Voros; senior associates Sam Gillis and Jacinta Pitos, and associates Laura Mwiragua, Alysha McCuish and Jordan Soresi (Planning, Access and Environment); partnersIan KellockandSanjay Wavde, counselBronwyn Kirkwood, senior associate Julia Bolodurina, and associates Laura Scro and Elizabeth John (Tax); partnerAnita Cade, senior associateStevie Goughand associate Ray Cheng (IP/Media); partnersMatthew BlychaandCatherine Pedler, and senior associatesEdwina Jonesand Suzannah Bahen-Wright (Dispute Resolution); partnerCarl Della-Bosca, counsel本•斯图尔特and associate Daniel Lucanus (Corporate Transactions); senior associate凯伦·贝利(Transport and Infrastructure); associate Donald Mak (Global Loans, Hong Kong); partnerJacques McChesney(High Yield Debt, London); senior associateMichelle Gaynor(International Projects Group, London); and junior associate Vanessa Hung (Dispute Resolution, Hong Kong).
