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Ivanplats Arranging Project-level Financing of up to US$420 Million to Advance Development of the World-scale Platreef Palladium, Platinum, Rhodium, Nickel, Copper and Gold Project in South Africa
Non-binding term sheet signed with Orion Mine Finance for  US$300 million streaming facil...
About this update from Ivanhoe Mines Ltd. Class A
[{"type":"text","content":"Ivanplats Arranging Project-level Financing of up to US$420 Million to Advance Development of the World-scale Platreef Palladium, Platinum, Rhodium, Nickel, Copper and Gold Project in South AfricaNon-binding term sheet signed with Orion Mine Finance for US$300 million streaming facilitySociete Generale and Nedbank appointed as mandated lead  arrangers for a senior project debt facility of up to US$120 million Detailed engineering underway on mine design, 770-ktpa concentrator and associated infrastructure for Platreef's phased development plan, which is expected to be incorporated into an updated feasibility study by the end of 2021Platreef's Shaft 1 changeover progressing well in preparation for permanent hoisting by early 2022Mokopane, South Africa--(Newsfile Corp. - February 16, 2021) -  Ivanhoe Mines' (TSX: IVN) (OTCQX: IVPAF) Co-Chairs Robert Friedland and Yufeng \"Miles\" Sun are pleased to announce that the company's South African subsidiary, Ivanplats, has signed a non-binding term sheet with Orion Mine Finance, a leading international provider of production-linked stream financing to base and precious metals mining companies, for a US$300 million gold, palladium and platinum streaming facility. Ivanplats also has appointed two prominent, international commercial banks - Societe Generale and Nedbank - as mandated lead arrangers for a senior project debt facility of up to US$120 million. Both the stream financing and project debt facility will be used to advance the development of Ivanplats' tier one Platreef palladium, platinum, rhodium, nickel, copper and gold project in Limpopo province, South Africa, toward initial production.The appointment and proposed financings follow the November 30, 2020 issuance of the outstanding findings of an independent Platreef Integrated Development Plan 2020 (Platreef IDP20) for the Platreef Project, which consists of an updated feasibility study (Platreef 2020 FS) and a preliminary economic assessment (Platreef 2020 PEA). The initial capital cost for the phased development plan envisaged under the Platreef 2020 PEA, starting at a mining rate of 700,000 tonnes per annum (700 ktpa), is estimated at US$390 million.The US$300 million stream financing remains subject to completion of legal due diligence and structuring, as well as negotiation and execution ...