Mineral & Financial Invest. Limited Investment Update: Ascendant/Redcorp (0587F)
05 7월 2023 - 7:00PM
UK Regulatory
TIDMMAFL
RNS Number : 0587F
Mineral & Financial Invest. Limited
05 July 2023
MINERAL AND FINANCIAL INVESTMENTS LIMITED
Investment Update: Ascendant/Redcorp Announce Potential Export
Credit Agency Support for Project Finance at the Lagoa Salgada
Project in Portugal
Highlights:
-- UKEF, the UK Export Credit Agency, selected from group of 4 compliant Expressions of Interest
-- Potentially up to US$190 million in Export Credit Agency
("ECA") support via long term ECA Project Finance to cover up to
70% of pre-production costs plus additional support to cover
Interest During Construction and Insurance Premium Costs
-- UKEF's Expression of Interest will encourage a UK-led
sourcing strategy while allowing flexibility for sourcing from
other countries. Support available subject to standard project
finance terms and successful due diligence.
-- Process to appoint Mandated Lead Arranger(s) to commence shortly.
Camana Bay, Cayman Islands - 5 July 2023 - Mineral and Financial
Investments Limited (LSE-AIM: MAFL) ("M&F" "MAFL" or the
"Company") announces that its joint venture partner, Ascendant
Resources Inc. ("Ascendant"), has received and accepted an
Expression of Interest ("EOI") from UK Export Finance ("UKEF") to
support a potential export credit facility for the Company's Lagoa
Salgada Project ("Lagoa Salgada" or the "Project") located in
Portugal.
The EOI provides support for up to US$190 million for the
Project representing 70% of total capital expenditure, interest
payable during construction, the political risk insurance premium
as well as other approved expenditures for the Project.
MAFL currently has a 50% interest in the Lagoa Salgada project
through its holding in Redcorp Empreendimentos Mineiros Lda, with
Ascendant holding the other 50% although Ascendant has an earn-in
opportunity to increase its interest in the project to 80% of the
Lagoa Salgada project through the completion of a feasibility by
the agreed deadline of 3 August 2023.
Jacques Vaillancourt, President & CEO of M&FI commented
"We are very pleased with Ascendant's progress to possibly partner
with UKEF to bring Lagoa Salgada into development. Whilst there can
be no guarantee that this ECA will complete, we believe the support
of the UK Government and UKEF is a testament to the attractiveness
of the Lagoa Salgada Project, and we look forward to providing more
updates, as Ascendant works with UKEF and any future appointed MLA
to complete project financing."
UKEF is a department of the UK Government and is the UK's
official Export Credit Agency ("ECA"). UKEF operates under an Act
of Parliament to support UK exports, predominately through the
provision of 100% unconditional guarantees backed by the UK
Government.
UKEF's engagement with the project is at an early stage. UKEF's
EOI is not a legally binding commitment and is subject to a series
of standard project finance terms and due diligence, including,
among others, suitable structured offtake contracts, the successful
completion of the Definitive Feasibility Study (DFS), and an
Environmental and Social Impact Assessment (ESIA) to Equator
Principles. The EOI provides an indication of currently available
country limits, an indication of the attractiveness of the project,
and it covers, in principle, the level of financial support, their
flexibility and desired conditions.
UKEF's EOI is in line with the OECD Arrangements for Officially
Supported Export Credits and stipulates minimum UK content
requirements whilst enabling equipment to be sourced locally and
from other countries.
As previously announced on April 17, 2023, Ascendant appointed
SD Capital Advisory Ltd and GKB Ventures Ltd ("S&G") to solicit
interest for Export Credit Agency backed Project Financing. As a
result of this process Ascendant received 4 expressions of interest
from ECAs around the world. Ascendant also received an expression
of interest from an additional ECA on an untied basis which may be
used to complement UKEF support. The directors of MAFL are pleased
with the level of support and interest from the ECA market which
highlights the potential for success of Lagoa Salgada.
The Directors understand that Ascendant selected UKEF based on
numerous factors related to the terms of the Expression of Interest
and unique aspects of the capital spend at the Lagoa Salgada
Project.
Together with S&G, Ascendant will now be soliciting interest
from Project Finance Banks to act as Mandated Lead Arranger ("MLA")
for the transaction. Ascendant has advised MAFL that they expect to
appoint an MLA by the end of July 2023. Once an MLA has been
appointed, detailed due diligence will commence with the aim of
receiving final terms for the ECA backed Project Financing at Lagoa
Salgada towards the end of the year. Further updates will be
provided in due course as appropriate.
FOR MORE INFORMATION:
Jacques Vaillancourt, Mineral & Financial Investments Ltd. +44 780 226 8247
Katy Mitchell and Sarah Mather, WH Ireland Limited +44 207 220 1666
Jon Belliss, Novum Securities Limited +44 207 382 8300
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