Gulf Manganese Corporation Limited (ASX: GMC) has executed a binding term sheet with Glacier International Depository Ltd, Legal and General Investment Management Limited & HSBC Bank plc for the establishment of a €52 million Structured Loan Facility. The loan facility is expected to complete by January 2020 end.
The funds would be used by the company to carry out the construction & commissioning of the first two smelting furnaces at the Kupang Smelting Hub facility situated in West Timor, Indonesia. The funds would also support the company in the ramp-up of its high-grade manganese mining and exploration activities in Indonesia and advance its strategic joint venture with Iron Fortune.
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