Phosphate developer Avenira’s 80%-owned Gadde Bissik Phosphate Operations Suarl (GBO) successfully secured the facility through CBAO Groupe Attijariwafa Bank.
The key features of the facility include a working capital facility to the amount of A$4.4 million, interest rate of 6.75%, term of five years and access to an additional A$4.4 million for the financing of export receivables.
As announced by Avenira on 28 December 2016, the commissioning and ramp-up of Baobab is continuing, with the first shipment of phosphate product expected in the first quarter of 2017.
In October last year, Avenira begun with the first trucking of phosphate product from the Baobab project site to the stockpile at the Port of Dakar.
Avenira, in October, achieved another important milestone at its 80%-owned Baobab phosphate project, having loaded the first trucks with phosphate product ready to be dispatched to the Port of Dakar, some 145 km from the mine site.
Avenira loaded 50 t covered trucks which departed from Avenira’s Baobab project site for the Port of Dakar.
This followed the company’s last development milestone of first phosphate production, which it achieved in August, only five months after starting mining activities in March.
Avenira’s strategy to develop the project is based on an initial Stage 1 operation producing 500 000 tpa of phosphate product, with later stages allowing for production expansion.