Troilus advances project financing with LoIs from European export credit agencies
Toronto-listed Troilus Gold is making progress with its project financing strategy, announcing two letters of intent (LoI) from leading European export credit agencies.
Finnvera, the export credit agency of Finland, has confirmed in-principle eligibility for an untied loan guarantee of up to $300-million to support the financing of the Troilus copper/gold project in Quebec, while the Swedish Export Credit Agency (EKN) has provided an LoI for $200-million.
These LoIs follow the recent $500-million LoI from Euler Hermes, announced last week, marking a milestone in Troilus’ broader financing strategy for the development of its project. Together, these commitments represent a substantial portion of the capital required to bring the project into production.
The Finnvera LoI comes with the condition of securing strategic partnerships with both a Finnish equipment provider and Boliden, one of Europe’s largest smelting companies. The collaboration will involve equipment procurement for an estimated $50-million to $100-million and an anticipated ten-year offtake agreement for copper/gold concentrate with Boliden, valued at about $200-million a year.
The support from EKN will be linked to up to 25% of the offtake agreement with Boliden, under Sweden's Raw Material Guarantee, providing additional backing for the project.
A feasibility study completed in May 2024 supports a large-scale 22-year, 50 000 t/d openpit mining operation.
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