Euromax Resources
Edison | May 15, 2015 02:10AM ET
Seamless strategy to FY16 funding and construction
Further to its streaming deal in October, EurOmax Resources Ltd. (TO:EOX) announced on 1 May that it had mandated three banks plus Caterpillar Financial (NYSE:CAT) to provide up to US$240m of project and equipment finance for the development of Ilovitza at 2.75-3.25% above LIBOR. Moreover, it has confirmed that Ilovitza is also eligible to participate in the German UFK scheme, whereby the German government provides a direct guarantee to the banking consortium, which then enables it to designate the loan as German sovereign risk rather than project finance (thereby materially lowering the perceived risk).
Timetable to construction in place
Euromax’s strategy is to align its study and project finance work via a process of pre-engaging financing banks, such that there is a seamless path to final financing in H116 and construction in H216. To this end, it is actively proceeding with a full feasibility study and working towards the grant of its final (construction) permit in June 2016. Simultaneously, it is in the process of bolstering its in-house technical team, while also embedding external engineers into the project.
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