PERTH (miningweekly.com) – Phosphate producer Avenira has secured an A$8.8-million finance facility to assist with the final stages of commissioning and ramping up its Baobab project, in Senegal.
The finance facility consists of a A$4.4-million working capital facility with an interest rate of 6.75% and a term of five years, and access to an additional A$4.4-million trade facility for the financing of export receivables, if required.
The Baobab project is set to produce 500 000 t/y of phosphate concentrate. Under close geological supervision, phosphate mineralisation has already been uncovered on the western side of the Stage 1 openpit.
Avenira told shareholders on Thursday that the commissioning and ramp-up of the project was continuing, with first phosphate shipment expected in the first quarter of this year.
Edited by: Creamer Media Reporter
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