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April 2011 Mining & Metals News

11 April 2011

Lynas gets Sojitz debt and equity for Mount Weld rare earths Australian-listed rare earths developer Lynas Corporation has signed a $250 mil­lion debt and equity financing with Japan­ese trading house Sojitz. The signing follows a commitment from Sojitz in November 2010, with the Sojitz funding complementing a A$55 million ($55 mil­lion) institutional equity placement, and an offering of A$20 million in new shares to existing shareholders. The placement, led by JP Morgan, closed on 31 March, while the shareholder purchase plan has yet to be presented to shareholders. The Sojitz financing consists of a $225 million loan and $25 million equity place­ment, both from a special purpose vehicle, Japan Australia Rare Earths BV, owned by Sojitz and the Japan Oil, Gas and Metals Nation­al Corporation, a state-owned entity that exists to procure raw materials for Japan­ese industry. The Sojitz equity was priced at A$2.12 per share, com­pared to the placement’s A$2.07 per...

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