--- title: "Engebø Rutile and Garnet AS : First cargo of rutile is delayed, and tap issue of existing bond" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/258917082.md" description: "Engebø Rutile and Garnet AS has announced a delay in the first cargo of rutile due to operational and technical difficulties in the production ramp-up phase. The company is addressing these issues with an operational review and support from Iwatani and The Barton Group. A bondholder meeting has been called for a proposed tap issue of USD 22.5 million to cover additional costs, with existing bondholders supporting the proposal. The total outstanding amount under the bonds will rise to USD 155.5 million, with half of the proceeds allocated to the ramp-up delay." datetime: "2025-09-25T15:00:01.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/258917082.md) - [en](https://longbridge.com/en/news/258917082.md) - [zh-HK](https://longbridge.com/zh-HK/news/258917082.md) --- > 支持的语言: [English](https://longbridge.com/en/news/258917082.md) | [繁體中文](https://longbridge.com/zh-HK/news/258917082.md) # Engebø Rutile and Garnet AS : First cargo of rutile is delayed, and tap issue of existing bond The Engebø Project is past the construction phase and is in the productionramp-up phase. After the planned maintenance and modifications downtime in July, theprocessingplant is ramping up the throughput and mineral recoveries. Major parts of theplant are currently operated at design capacity, including the crushing andmilling circuits, whereas the last stage, the dry plant which produces thefinalrutile and garnet products, have lower throughput and uptime due to someoperational and technical difficulties experienced in the latter part of thethird quarter. Both rutile and garnet are produced in accordance withcustomerspecifications but at low volumes and insufficient for a full cargo of rutilebefore year end. Consequently, revenues remain limited. To address the operational and technical issues, Engebø Rutile and Garnet (ERG) will carry out an operational review and bring on site relevant rutile andgarnet processing experience from two of our customers: Iwatani and The BartonGroup will second personnel that will be available through the end of the yearto provide expertise in ramping up the volumes of final products. Action isalsotaken to redesign a segment of the material transfer equipment within the dryplant to enable higher volume throughput. Garnet shipments continue whereasthefirst cargo of rutile is expected to be available in the first quarter of2026.Our stated goal is reaching design capacity in late second quarter 2026. To address the financial impact of the delay, ERG has today called for abondholder meeting by way of written resolution for proposed tap issue of USD22.5 million under the Engebø Rutile and Garnet AS 12.5% Senior Secured Bonds2022/2027 with ISIN NO0012734112 priced at 98.00% of par. Existing holders of bonds representing more than 80% of the total outstandingprincipal amount of the bonds have granted their support of the proposal. Subject to the approval of the written resolution, the total outstandingamountunder the Bonds following the tap issue is USD 155.5 million. About half oftheproceeds from the bond issue will be used to cover additional costs related tothe ramp-up delay with the remainder as a financial buffer. Further information on ERG's contemplated tap issue is given in the enclosednotice of written resolution. Clarksons Securities acts as Manager and Bookrunner for the tap issue. Oslo, 25 September 2025 This stock exchange notice contains inside information pursuant to the EUMarketAbuse Regulation and is subject to the disclosure requirements pursuant toSection 5-12 the Norwegian Securities Trading Act. https://newsweb.oslobors.no/message/656171 ## 相关资讯与研究 - [Trump threatens to hit Iran 'extremely hard' over next two to three weeks](https://longbridge.com/zh-CN/news/281445712.md) - [Why Is Silver Down 4% Today, 4/2/26?](https://longbridge.com/zh-CN/news/281547191.md) - [$100 Invested In ProShares Ultra Silver 10 Years Ago Would Be Worth This Much Today](https://longbridge.com/zh-CN/news/281548227.md) - [Iridium Communications Stock (IRDM) Moonshots 12% on SpaceX IPO Filing and Amazon Takeover Rumors](https://longbridge.com/zh-CN/news/281548482.md) - [Destiny Tech100 Stock Rises After SpaceX IPO Rumors](https://longbridge.com/zh-CN/news/281415250.md)