Almonty Industries Inc. on Oct. 4 disclosed details of a US$73 million senior project finance loan for the Sangdong tungsten mine in South Korea. Lender KfW IPEX-Bank GmbH is finalizing the approval process.
The company described the interest on the loan to be "on very attractive terms and based on normal commercial European lending rates," with a term of 8.25 years.
Oesterreichische Kontrollbank AG is committed to evaluating a substantial finance cover guarantee based on the previously announced long-term off-take agreement.
Almonty expects principal terms and commitments of a final term sheet to be completed within the next 12 weeks.