Canadian miner Troilus secures bulk of debt funding required for Québec mine build
Canadian emerging gold, copper and silver producer Troilus Mining Corporation has secured the bulk of the debt financing required to build the Troilus project in Québec.
The company received a credit-approved commitment letter from German development financing institution KfW IPEX-Bank and Société Générale Canada to underwrite a total $850-million in debt financing to support the development of Troilus.
This commitment forms part of a planned total anticipated $1.1-billion debt financing package, which includes a proposed $250-million contribution from Export Development Canada that remains subject to final approvals.
For Troilus Mining CEO Justin Reid, the commitment letter represents a major advancement under the debt financing mandate, moving a substantial portion of the proposed debt package from mandate to credit-approved underwriting commitments.
"The approvals follow extensive technical, environmental, social and financial due diligence by the lenders and mark an important step toward a fully funded construction decision," he states.
The company is now focused on completing the broader financing package to reach a final investment decision and financial close while advancing permitting, detailed engineering and procurement to support construction readiness.
Notably, the credit-approved commitment letter from KfW and Société Générale provides for a three-year repayment grace period during construction of the Troilus project, followed by a sculpted repayment profile over a notional ten-year period aligned with expected cashflow generation.
The Troilus technical report outlines a large-scale, 26-year, 50 000 t/d openpit mining operation.
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