(Alliance News) - Cadence Minerals PLC on Wednesday said its joint-venture partner at the Yangibana rare earth metals project in Australia could land funding from the Finnish government.
Under the Finnish government export credit guarantee scheme, Hastings Technology Metals could secure AUD75 million, about GBP41.7 million.
Hastings Executive Chair Charles Lew said: "This eligibility for Finnvera export credit financing support further demonstrates the bankability of our Yangibana project and brings us one step closer to financial close."
Cadence owns 30% of the Yangibana project, while Hastings holds the remaining 70%.
Cadence shares were 11% higher at 9.29 pence each in London on Wednesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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Cadence Mineral (KDNC)