Kalium Lakes Ltd. said Aug. 27 that it received an offer for a credit-approved A$15 million working capital facility and a hedging facility from Westpac Banking Corp., which the company will use to support prudent capital and risk management during construction, commissioning, and operations of the Beyondie sulfate of potash project in Australia.
The working capital facility is an 18-month revolving facility that becomes available from practical completion of the project. The hedging facility, meanwhile, will be used to hedge risk in accordance with the hedging policy of the project.
Both facilities are senior secured, and form the final component of the funding package for the Beyondie project, which includes the previously announced funding of A$102 million from Germany's KfW IPEX-Bank. They are in addition to the recently raised A$72 million and a A$15.5 million cash on hand as of June 30.
