African Potash secures finance deal for offtake partners
JOHANNESBURG (miningweekly.com) – Aim-listed explorer African Potash has advised that its investment banking adviser Loita Capital Partners International has arranged an offtaker finance facility term sheet with local bank Ecobank Malawi in respect of African Potash’s fertiliser trading operations on the continent.
The bank would engage with the company’s offtake partners with a view to providing finance by way of letters of credit, issued by the bank on behalf of offtakers, in favour of African Potash.
Provision of finance by the bank to the company’s offtake partners would be subject to contract and credit approval.
“Any letters of credit granted by the bank in this context will, in effect, provide a guarantee of payments to African Potash, thereby enabling it to finalise its own trade finance facilities, which are required to complete its recently announced fertiliser agreements,” the company said in a statement.
African Potash chairperson Chris Cleverly added that the company was “delighted” that, with the guidance of Loita, it had made the arrangements for its offtake partners.
“This represents the achievement of a further milestone in the development of our fertiliser trading operations. We are grateful for this indication of support from Ecobank Malawi, which we hope will go a long way in assisting us in completing the roll-out of our fertiliser trading operations,” he commented.
African Potash focused on sub-Saharan potash assets and the vertical integration of fertiliser operations in Africa.
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