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Admiralty signs A$46M project financing deal for Mariposa with Ning Bo Qiaohui

Admiralty Resources NL said Aug. 5 that it signed a project financing framework agreement with Ning Bo Qiaohui Leasing and Financial Co. Ltd. of up to A$46 million for its Mariposa iron ore project in Chile.

The agreement provides an alternative method of financing the mine and development costs of the project to the previously announced discussions with state-owned China Nuclear Industry 22nd Construction Co. Ltd., which is further being negotiated into final terms.

The facility will be provided for 18 months during construction and 42 months of operations and requires a security deposit of about A$9.2 million.

The company added that it is progressing financing discussions for Mariposa with several other parties.