News and Announcements
Kalium Lakes (ASX: KLL) agrees to non-binding term sheet with German bank to provide approximately A$102M of debt funding for development of Beyondie Project
- Published March 21, 2019 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Highlights
- Kalium Lakes Limited has announced an agreement of non-binding terms with German Bank KfW IPEX-Bank for funding of A$102 million for the Beyondie Sulphate of Potash Project.
- Significant parts of the funding are expected to be covered from German Government export credit agency, Euler Hermes.
- The funding will assist Kalium Lakes in the development of Australia’s first Sulphate of Potash production due to begin in 2020.
Kalium Lakes Limited has announced an agreement of non-binding terms with German Bank KfW IPEX-Bank for funding of A$102 million for the Beyondie Sulphate of Potash Project. The funding differs from traditional project financing with a 10-year tenor. The funding will assist Kalium Lakes in the development of Australia’s first Sulphate of Potash production due to begin in 2020.
The KfW IPEX-Bank debt facilities are in addition to the A$74 million debt funding package recently approved by the Northern Australia Infrastructure Facility (NAIF). Significant parts of the KfW IPEX-Bank funding is expected to be covered by a German export credit guarantee from German Government export credit agency, Euler Hermes.
KfW IPEX-Bank is in the process of completing due diligence and has commenced its credit approval process. Kalium Lakes continues to progress the export credit finance application with Euler Hermes following a positive preliminary assessment.
About Kalium Lakes (ASX: KLL)
Kalium Lakes Limited is an exploration and development company, focused on developing the Beyondie Sulphate Of Potash Project in Western Australia with the aim of producing Sulphate of Potash (SOP), a high yield, premium fertiliser, for both domestic and international markets. There is currently no SOP production in Australia.
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