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[August 2009]
Progress on Refinancing at Minerals Corporation
Following the group debt reduction achieved earlier this year of $4.7 million group debt and $4 million of intercompany indebtedness, Minerals Corporation has now advised a refinancing of $4.3 million of matured short term debt into Debentures of like amount.A Notice of Debenture Holders Meeting will be issued shortly to allow the Debenture Holders to consider amending the Debenture Trust Deed for the extension of the maturity date for a further two-year term at existing 10.5% per annum yield.
MSC has commissioned a world class kaolin project at Skardon River in northern Queensland in Australia which is currently in the marketing roll-out stage. Additional premium quality kaolin projects are being developed in China and Western Australia which according to the company will transform it into a leading regional based supplier with a full range of exceptionally high grade kaolin products for the paper, paint, concrete, polymer, cosmetic, pharmaceutical and ceramic industries focused on South-East Asia and selected world markets.
www.mineralscorp.com.au
ENDS