PERTH (miningweekly.com) – Potash developer Kalium Lakes has secured A$102-million in debt funding for its Beyondie sulphate of potash (SoP) project, in Western Australia.
The company on Tuesday told shareholders that it had signed a non-binding term sheet with German bank KfW IPEX-Bank to provide the senior debt funding for the development of Beyondie.
“We are delighted with the level of support shown by the German and Australian governments for this incredible venture to produce a premium fertilizer which we know will benefit not just Australians but many other countries around the world,” said Kalium Lakes MD Brett Hazelden.
“With the support of the North Australian Infrastructure Facility (NAIF), KfW IPEX-Bank, Euler Hermes, our investors, management and staff, the development of Australia’s first SoP production is now one step closer.”
The KfW IPEX-Bank funding has a ten-year tenor, complementing the A$74-million investment by the NAIF.
KfW IPEX-Bank is finalising its due diligence, and has started its credit approval process.
The A$250-million Beyondie project will produce 150 000 t/y SoP, with the option to incrementally phase the project through a ramp-up from 75 000 t/y to 150 000 t/y to minimise operational and financial risks.