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Construction|PROJECT
Construction|PROJECT
construction|project

Funds raised for Fort Cady project

19th February 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed American Pacific has raised A$7.1-million through a share placement to fund construction activities at its Fort Cady borate mine, in southern California.

The company placed more than 17.7-milliion shares, at a price of 40c each to institutional, professional and sophisticated investors under its existing placement capacity.

The offer price represented a 7.5% discount to American Pacific Borate’s last closing price on February 14, and a 5.7% discount to its 15-day volume weighted average share price.

The funds raised from the placement will go towards progressing construction-related activities at Fort Cady, where initial construction activities started at the end of January

A December definitive feasibility study (DFS) considered a three-phase construction, with Phase 1 to deliver some 82 000 t/y of boric acid and 36 000 t/y of sulphate of potash (SoP), at a development cost of $138.2-million.

The Phase 2 operation would increase production to 245 000 t/y of boric acid and 73 000 t/y of SoP, at a capital cost of $191.4-million, while the Phase 3 project would produce 408 000 t/y of boric acid and 109 000 t/y of SoP, at an additional capital cost of $186-million.

Based on the three-phased approach, the project would have a mine life of some 21 years.

An enhanced DFS is due by the end of April this year, targeting an increase in SoP production for Phases 1B, 2 and 3.

Edited by Creamer Media Reporter

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