BCI Minerals (ASX:BCI) received confirmation from its lenders that all conditions required to enable the first drawdown of its AU$981 million project financing facility were satisfied, according to a Monday Australian bourse filing.
The firm expects to receive the first drawdown of AU$66 million on or around Feb. 4.
It entered into binding offtake agreements that cover China, Indonesia, Japan, South Korea, and Taiwan for the first three years of production with options to extend for a further three or five years.
The binding volumes for the first three years represent about 62% of the expected production from its Mardie salt and potash project in Western Australia during that period.
It also submitted an updated groundwater monitoring and management plan to Australian regulators on Jan. 15.
Its shares rose nearly 4% in recent trading on Monday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.