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Highlights:
- Allkem has signed a non-binding term sheet with International Finance Corporation (IFC) for its Sal de Vida project.
- Sal de Vida is Allkem’s wholly owned project in Argentina.
- IFC has proposed a project financing of US$200 million.
Lithium explorer Allkem Limited (ASX:AKE) announced that it has signed a non-binding term sheet with the International Finance Corporation (IFC) for a project financing facility for the company’s wholly-owned Sal de Vida Project in Catamarca Province, Argentina.
Followed by the release of this update, Allkem shares were spotted trading 2.029% higher on ASX at AU$14.580 per share at 1:09 PM AEDT on Friday (7 October 2022).
Details of Allkem’s non-binding term sheet:
However, this finance facility is subjected to legal, due diligence, Allkem board members’ approval, IFC Management and World Bank Group board approval, followed by which the facility is expected to get executed by the end of 2022.
Things to know about International Finance Corporation (IFC)?
International Finance Corporation (IFC) is one of the members of the World Bank Group. IFC is also known as the largest global development organisation that is committed towards the development of private sector in emerging markets. IFC uses its strong capital expertise to operate in over 100 countries to create markets and opportunities.
The share price movement of Allkem:
The share price of Allkem has marked a gain of around 75% on ASX in the last 12 months, and on a Year-to-date basis, the lithium miner’s share price appreciated over 30% on ASX (at 1:32 PM AEDT on Friday).
