Lepidico Ltd (ASX:LPD) (“Lepidico” or “Company”) is pleased to announce it has entered into a formal mandate (Mandate) with the United States International Development Finance Corporation (DFC) to undertake an in-depth analysis and evaluation of the Karibib Phase 1 Project (Phase 1 Project) for the purpose of determining whether the Phase 1 Project qualifies for DFC financing. This follows receipt by the Company of an indicative, non binding term sheet from DFC in respect of the requested debt funding for the Phase 1 Project in Namibia.
Under the Mandate, the DFC will undertake detailed due diligence to ensure the Phase 1 Project meets DFC’s criteria, including DFC’s requirements regarding the Phase 1 Project’s creditworthiness, its developmental benefits to Namibia, and its effects on the environment. The Phase 1 Project encompasses the re development of the open pit mines at Rubicon and Helikon 1, the development of a new mineral concentrator and working capital through to commercial operation.
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