5th Aug 2019 16:26
(Alliance News) - Salt Lake Potash Ltd on Monday said Taurus Funds Management has been mandated to provide USD150 million of project financing for the Lake Way project in Australia.
Shares in Salt Lake were down 5.4% at 43.06 pence just before close.
This facility provides as much as around AUD214 million, USD145 million or 90% of the AUD236 million capital estimate determined from its recent Lake Way scoping study.
The debt is split into a USD30 million stage 1 facility for early construction and the bankable feasibility study and USD150 million project development facility to refinance stage 1 and for both working capital and Lake Way development.
Salt Lake Chief Executive Tony Swiericzuk said: "This is an exciting development for Salt Lake Potash and its stakeholders, providing a clear runway for the company to progress the construction of the Lake Way project.
"Salt Lake Potash is delighted to have entered into this long-term partnership with Taurus and we look forward to working with them through our bankable feasibility study and as we continue the construction at Lake Way."
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