Australia-listed Aguia Resources has announced a A$3.75-million loan from the Development Bank of Southern Brazil (BRDE) to fund the Tres Estradas phosphate project.
Combined with the A$4.48-million that Aguia has in the bank, the company now has sufficient capital to fund the A$7.37-million capital expenditure for the construction of the project.
“BRDE’s funding support is a major vote of confidence in Tres Estradas and a key milestone that we have met to deliver the project into production,” said MD Fernando Tallarico.
The 20-year loan will have an interest rate of 12% a year attached to it.
Aguia is in the final stages of project land acquisition, which will pave the way for the installation licence. Following the receipt of the licence, construction will take between six and eight months. First production is expected in the first quarter of 2022.