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Deutsche Rohstoff AG
Capital/Financing Update • Dec 7, 2020
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Capital/Financing Update
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Corporate | 7 December 2020 16:22
Deutsche Rohstoff AG: Almonty signs contract for project financing
DGAP-News: Deutsche Rohstoff AG / Key word(s): Miscellaneous/Miscellaneous
07.12.2020 / 16:22
The issuer is solely responsible for the content of this announcement.
Deutsche Rohstoff AG: Almonty signs contract for project financing
Mannheim . Almonty Industries announced that the Project Finance Agreement with KfW-IPEX Bank for the construction of the Korean Sangdong Mine was definitively signed today. The project financing has a volume of USD 75.1 million.
The buyer of the tungsten concentrates, which is expected to be produced in Sangdong from 2022 onwards, will be the Austrian Plansee Group. The supply agreement has a term of 15 years and guarantees Almonty an attractive minimum price with a revenue of at least CAD 750 million. As part of the project financing, Plansee is also issuing guarantees to banks for almost USD 30 million to cover possible cost overruns and the equity financing of the project. The company also acquires shares from Lewis Black, the company’s CEO, making it the largest shareholder. Deutsche Rohstoff AG remains the third largest shareholder with a current stake of 12.8%. Plansee’s guarantees reduces the equity share that Almonty must raise as part of the project financing to around USD 14.1 million.
Mannheim, 7 December 2020
Deutsche Rohstoff identifies, develops and sells attractive raw material deposits in North America, Australia and Europe. The focus is on the development of oil and gas deposits in the USA. Metals such as gold and tungsten complete the portfolio. Further information can be found at www.rohstoff.de
Contact
Deutsche Rohstoff AG
Dr. Thomas Gutschlag, CEO
Phone +49 621 490 817 0
07.12.2020 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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| Language: | English |
| Company: | Deutsche Rohstoff AG |
| Q7, 24 | |
| 68161 Mannheim | |
| Germany | |
| Phone: | 0621 490 817 0 |
| Fax: | 0621 490 817 22 |
| E-mail: | [email protected] |
| Internet: | www.rohstoff.de |
| ISIN: | DE000A0XYG76, DE000A1R07G4, |
| WKN: | A0XYG7, A1R07G |
| Indices: | Scale 30 |
| Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1153270 |
| End of News | DGAP News Service |