Sigma secures development bank financing for Grota do Cirilo project
Sigma Lithium Resources has received a binding commitment for a C$18,750,000 (about $14.7 million, BRL75 million) credit line from the Development Bank of the State of Minas Gerais, in the Brazilian state where the company's Grota do Cirilo project is located.
The financing has an eight-year term, a three-year grace period, and a floating annual interest rate indexed to SELIC (Brazilian Central Bank Federal Funds Rate). The proceeds will strengthen the project’s financing and capital structure by lowering its cost of debt and lengthening its maturity.
Phase 1 production of 220,000 tonnes per annum of Sustainable Lithium is expected in the first quarter of 2022. Sigma also expects its pre-construction activities - including the EPC and “contract-readiness” of core construction suppliers - to be completed during the first half of 2021.
