Pembroke Secures $875 Million to Expand Olive Downs Coal Complex, Australia
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Bowen Basin miner Pembroke Resources has raised about $875 million to refinance debt facilities and support the expansion of its Olive Downs Coal Complex.
The finance comes in the form of senior secured bonds in the Nordic Corporate Bond Market, with settlement expected to occur in March.
Pembroke chairman, chief executive officer and founder Barry Tudor said this was another significant milestone in the Pembroke journey.
“The bond received strong support from investors globally, demonstrating the confidence of the market in Pembroke and in the Olive Downs Complex,” said Tudor.
“The new funding will allow us to continue to capitalize on the enormous growth potential of Olive Downs, unlocked by expanding operations in stage 2 from the existing 6 million tonnes per annum level to at least 12 million tonnes per annum,” added Tudor.
The company said about 600 jobs had been created in Olive Downs’ first stage of operation, with up to 1000 jobs anticipated in the second stage expansion.
The site, north of Dysart, was officially opened in April and has since shipped more than 2.8 million tonnes of steel making coal to export markets.
Even as the Olive Downs coal complex sent out its first trainloads of coal in January last year, Pembroke had its eye to growth.
Holding an environmental authority for up to 20Mtpa run of mine coal, Tudor at the time said the company was looking ahead to how quickly it could bring on the doubling of capacity.
The mine is expected to generate more than $10 billion in royalties for the Queensland Government over its life.
Source: Industry Queensland
Pembroke Resources is an Australian-based company focused on the acquisition and development of a portfolio of high quality, steelmaking coal assets.
In Australia, Pembroke is developing the Olive Downs Complex, a large scale, world class steelmaking coal mine located in the Bowen Basin of Queensland approximately 40 kilometres south east of Moranbah.
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