18.9 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

Progress at Plymouth’s tungsten mine: Final permit secured for production restart

Plymouth’s potential tungsten mine is on track to achieve significant production levels following the approval to commence operations. Tungsten West Plc has secured a...

Elementos pursues acquisition of stake in Iberian smelting for European tin market expansion

Elementos, a tin exploration and development firm, has initiated a non-binding term sheet to potentially acquire up to a 50% interest in Iberian Smelting...

EU corporate sustainability directive: Implications for global supply chains and Africa’s mining communities

On 24 May, the European Union enacted the Corporate Sustainability Due Diligence Directive (CSDDD), a landmark legislation requiring large businesses to identify and mitigate...

Rio Tinto defends environmental safety of Serbia’s Jadar lithium project

Rio Tinto announced on Thursday that it had published new environmental studies indicating the safety of its Jadar lithium project in Serbia, which was...
Supported by
Supported by
Supported by
error: Content is protected !!