https://www.miningweekly.com

Funding found for Fort Cady

27th August 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed American Pacific Borate and Lithium has inked a term sheet for $45-million in project funding to finance Phase 1 A of its Fort Cady borate project, in southern California.

The $36.8-million Phase 1 A project will target the production of 6 000 t/y of boric acid and 40 000 t/y of sulphate of potash.

American Pacific on Tuesday said that the project finance secured with Amvest Capital Mining Opportunities included a $37-million construction term loan and an $8-million cost overrun facility.

“We are delighted to have signed a term sheet with a specialist mining New York-based investor for a facility to substantially debt fund the first phase of our Fort Cady borate project,’ said American Pacific MD and CEO Michael Schlumpberger.

In addition, the company has also agreed to issue Amvest with a $2-million convertible note, which will have a 24-month term, and which will fund early payments for long-lead items and front-end engineering and design at Fort Cady.

“The convertible note and term sheet confirm our view that we have a very exciting project with exceptional financial metrics, which will produce two commodities with compelling market dynamics,” said Schlumpberger.

He noted that the company’s focus continues to be on the completion of engineering to enable construction at Fort Cady to start in the current calendar year.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Sika South Africa
Sika South Africa

Sika South Africa is a trusted partner for the nation’s infrastructure, commercial, residential, and industrial sectors.

VISIT SHOWROOM 
ECG Engineering
ECG Engineering

ECG provides specialised electrical engineering services to the Mining, Utilities, Materials Handling and Industrial industries, with extensive and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.047 1.12s - 110pq - 2rq
Subscribe Now