What debt crisis? MinRes bondholders are relaxed (for now)
“Nervous nellies” in Australia are fretting about the company’s debt levels, but its billionaire boss reckons US bond investors would prefer to talk fishing.
Mineral Resources is selling assets, cutting dividends, slashing jobs and will this year spend a further $1.94 billion on growth projects as commodity prices slump, but managing director Chris Ellison insists his American lenders are relaxed.
“My bondholders in the US, they go ‘What’s the problem? What are these guys not getting’,” said Ellison on Thursday.
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Peter Ker covers resource companies for The Australian Financial Review, based in Melbourne. Connect with Peter on Twitter. Email Peter at pker@afr.com
