Horizonte Minerals plc said it had drawn down the first tranche of the US$346.2 million senior debt facilities for its 100%-owned Araguaia nickel project in Brazil.
CONDITIONS
The move follows the company satisfying all conditions precedent and also unlocks the balance of the funding to complete construction and commissioning of the project.
Horizonte company has also satisfied conditions precedent of the cost overrun debt facility and has fully drawn down the $25 million from Orion Mine Finance Fund III (OMF).
DUE DILIGENCE
“This significant milestone for Horizonte is the culmination of a multi-year effort to sufficiently de-risk the Araguaia nickel project to access low-cost debt funding from a syndicate of leading international financial institutions,” said chief executive Jeremy Martin.
“The rigorous due diligence process, and the extensive list of obligations that Horizonte was required to meet to access this funding, should provide all our stakeholders with confidence in the robustness of Araguaia.”