Greenbushes has secured an increase in its existing syndicated debt facility from US$1.00b to US$1.55b. The facility has an extended five-year term and will underpin the funding requirements for the construction of the Chemical Grade 3 (CGP3) process plant and the Tailings Storage Facility 4 (TFS4). The development of these two projects should underpin a strong growth in spodumene production over the next few years at Greenbushes. IGO is generating strong cash flow from its ~25% equity interest in the world class Greenbushes spodumene mine and we reiterate our BUY rating. We trim our price target 1% to A$8.70 price target to reflect the fall in spot lithium prices.
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