Lotus signs terms sheets for up to $38.5m as Kayelekera advances to production
ASX-listed Lotus Resources has signed termsheets with two Southern African banks – Standard Bank and First Capital Bank – for equipment finance and working capital facilities to support the restart and ramp-up of its Kayelekera uranium project, in Malawi, through to positive cash flow.
Lotus has signed two equipment finance term sheets for up to $18.5-million in aggregate with the two banks for the purchase or refinancing of equipment including cranes, vehicles, machinery and other equipment. It has also signed a further term sheet with Standard Bank for a $20-million working capital facility.
“With the restart capital fully funded to first production by our recently completed A$130-million, two-tranche equity placement, these finance facilities provide Lotus with working capital liquidity and funding flexibility as we rapidly progress our accelerated restart programme at the Kayelekera uranium mine.
"The financing banks provided these facilities on very competitive pricing and terms because of the quality of the Kayelekera project and their confidence in the progress of the restart programme, which is on track for first production in in the third quarter of this calendar year," comments Lotus MD and CEO Greg Bittar.
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