TTY taking a stake in WVL may have been a good move - WVL ann...

TTY taking a stake in WVL may have been a good move - WVL ann out today securing $150million dept to build their 20year Vanadium mine.


Bad day for an ann but:

AAP
Windimurra vanadium mine secures $142m
Monday January 14, 2008, 7:19 pm

Windimurra Vanadium Ltd has secured $US127.5 million ($A142.2 million) in debt financing, completing a $200 million raising to develop its Windimurra vanadium project in Western Australia.

A company spokesman said the financing was significantly supported by Merrill Lynch and Asia's largest diversified commodities trading firm, Noble Group Ltd, which is the junior's marketing partner.

Windimurra managing director Iain Scott said the funding was particularly significant given the state of the current global credit market.

The company recently announced a $54.8 million fully underwritten entitlement issue.

"The funding means we will continue with full confidence in the redevelopment of the Windimurra vanadium project and toward planned production in the second half of this year," Dr Scott said.

The project has an initial mine life of 20 years.

Shares in Windimurra closed one cent lower to $1.84 on Monday.