Export Finance Australia Issues Letter of Support for the TECH Project for A$250m

Queensland Pacific Metals Ltd (ASX:QPM) (“QPM” or “the Company”) is pleased to announce conditional finance support from Export Finance Australia (EFA) to secure up to A$ 250 million of debt funding for the TECH Project planned to be developed in Townsville, Northern Queensland.

Highlights

• Conditional finance support received from Export Finance Australia to secure up to A$250 million of debt funding for the TECH Project
• This represents the second Australian Government Agency to support the project following notification from the Northern Australia Infrastructure Facility that QPM has completed the Strategic Assessment phase of the application process and has proceeded into the Due Diligence stage
• Debt funding for QPM's TECH Project is progressing well. In addition to EFA and NAIF, QPM has recently received Eligibility Letters or Expressions of Interest from nine Australian and International banks and three offshore Export Credit Agencies/Development Finance institutions.

EFA has advised that it will commence detailed due diligence of the TECH Project, in line with the agency’s mandate to provide financial expertise and solutions to support Australian businesses across a variety of industries, including critical minerals. EFA also administers the Australian Government’s A$2 billion Critical Minerals Facility, which helps critical minerals projects to get them off the ground.

This letter of support highlights that the TECH Project is broadly aligned with the objectives of the Australian Government’s Critical Minerals Strategy - to diversify global critical mineral supply and capture more value from the critical minerals value chain. When combined with the recently received advice from the Northern Australia Infrastructure Facility (“NAIF”) that the Project has progressed through their Strategic Assessment Phase, this further reinforces our confidence in securing the required funding package.

Click here for the full ASX Release

This article includes content from Queensland Pacific Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.