(Alliance News) - Mineral & Financial Investments Ltd on Thursday said that Redcorp Empreedimentos Mineiros Lda and Ascendant Resources Inc selected a bank to act as a mandated lead arranger for the Lagoa Salgada pollymetalic project in Portugal.
Mineral & Financial, an investment company focused on natural resources sector, explained Redcorp is developing the project in Portugal, which is being funded by Ascendant.
Ascendant appointed an undisclosed bank with extensive experience in export credit agency financing as mandated lead arranger for the project in Portugal, Mineral & Financial said.
Mineral & Financial has a 5% to 20% carried interest in Redcorp, with Ascendant owning the balance.
Mineral & Financial Chief Executive Officer Jacques Vaillancourt said: "After receiving several compelling offers, Ascendant are confident that they have selected a strong partner to lead the project financing and help bring the project towards a fully funded construction decision in [the second quarter of] 2024."
Mineral & Financial Investments shares rose 5.3% to 10.00 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News reporter
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Mineral & Fin (MAFL)