32.2 C
Belgrade
Supported byspot_img
spot_img

Euro Manganese signs financing deal with Orion for Chvaletice project

Member of Europium Groupspot_img
Supported byspot_img

Euro Manganese has signed agreements with OMRF (BK), which is managed by the Orion Resource Partners Group, for $100m in non-dilutive financing to support the development of the Chvaletice manganese project in the Czech Republic.

The funding is divided into two parts, with the first part involving a loan facility of $50m convertible into a 1.29–1.65% royalty on revenues from the project.

The second part involves a $50m loan facility in exchange for a 1.93–2.47% royalty on project revenues. This is subject to other financing-related conditions and a final investment decision by the company.

Supported by

Euro Manganese president and CEO Dr Matthew James said: “This is a transformative transaction for Euro Manganese, providing a funding package that facilitates the best possible pathway to a final investment decision and representing a collaboration between Euro Manganese, Orion and Stifel.

“The non-dilutive, tranche structure minimises the cost of funds and reduces future project financing requirements. This further validates the robust nature of the Chvaletice Project and our team’s ability to deliver this strategic battery raw material project for Europe to the highest of standards.”

Stifel Nicolaus Europe is acting as financial adviser to Euro Manganese while Norton Rose Fulbright is serving as legal counsel.

 

Source: Mining Technology

Supported byElevatePR Digital

Related News

Rio Tinto Assures on 2500 Pages – There is a Solution for Every Danger

Rio Tinto executed a move announced six months ago – they published drafts of environmental impact studies on how harmful the lithium mine in...

Geopolitical struggle over Central Asia’s rare-earth reserves

Central Asia, encompassing Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Afghanistan and Mongolia, holds vast untapped reserves of rare-earth minerals. Recent global developments have thrust these...

Guatemala revokes environmental license for Canadian-backed open-pit mine

The Guatemalan government has revoked the environmental license for a proposed open-pit mine near the border with El Salvador, citing multiple "anomalies," including forged...

Thailand’s $1.20 quadrillion mineral wealth: A catalyst for new industrial growth

Thailand is home to a treasure trove of mineral resources that could significantly boost its economy and spearhead the development of new industries. With...
Supported by
Supported by
Supported by
error: Content is protected !!