Dubbo handed financing lifeline by govt
PERTH (miningweekly.com) – The Dubbo polymetallic project, in New South Wales, has garnered the attention of the Australian credit agency Export Finance Australia (EFA), which has expressed interest in financing the project.
ASX-listed Alkane Resources on Thursday told shareholders that it had received written confirmation from the EFA that the credit agency was willing to form part of a financing consortium to provide funding for the construction of Dubbo.
The confirmation letter outlined that the Dubbo project closely aligned with the government’s plans to develop the critical minerals sector.
“After extensive engagement with the Australian government, particularly recently as part of its critical minerals initiative, it is pleasing to see that stated support is translating to preparedness for government agencies to act - in this case the EFA providing confirmation of its interest in being part of the financing consortium for the Dubbo project,” said Alkane MD Nic Earner.
With the EFA support now confirmed, Alkane will look at further engagement with strategic investors and offtake parties that have previously stated that the assembly of a suitable financing consortium could shift their preparedness to progress the Dubbo project development.
The development of the Dubbo project is expected to cost between A$1.23-billion and A$1.5-billion, depending on the development option that Alkane settles on.
The base case one-million-tonne-a-year throughput rate, is expected to cost A$1.29-billion to development, with an additional A$124-million in sustaining capital required over the 20-year operating life.
The modular development option would see the project being developed in 500 000 t/y stages, with Stage 1 requiring an A$808-million investment, and Stage 2 a A$692-million investment.
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