Bloomberg News

Mirabela's $240 Million Debt Sale Delayed 2 Months on Markets

October 29, 2008

Mirabela Nickel Ltd. (MBN), building the world's third-largest open-pit nickel mine in Brazil, said securing a $240 million loan has been delayed by two months because of uncertain credit markets.

The debt, being syndicated by Credit Suisse Group AG and Barclays Plc., was initially planned to be completed in December, the Perth-based company said today in a statement to the Australian stock exchange. Mirabela has drawn down $80 million of the loan under a bridging loan provided by Credit Suisse and Barclays.

The company has reduced the estimated cost of the mine by $40 million to help with the debt sale, it said. The Santa Rita mine will be viable, even at low nickel prices, it said.

To contact the reporter on this story: Rebecca Keenan in Melbourne at rkeenan5@bloomberg.net

To contact the editor responsible for this story: Teo Chian Wei at cwteo@bloomberg.net


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