Prospect Resources: Afreximbank to arrange $143m Arcadia lithium project financing
Prospect Resources has appointed the African Export-Import Bank (Afreximbank) to arrange and manage the primary syndication of a $143 million project finance debt facility for the company's Arcadia lithium project in Zimbabwe.
Afreximbank is to provide $75 million of the facility. The parties have also agreed a non-binding indicative debt facility term sheet.
They will now undertake further detailed due diligence and negotiate the final facility agreements. Execution of the facility agreements will be subject to Afreximbank’s further due diligence and credit approvals.
Prospect Resource Executive Chairman Hugh Warner said: "The company’s Arcadia lithium project is expected to be the first African lithium mine financed by Afreximbank and the first African lithium mine to attract debt finance."
