Aguia locks in $4M loan to kick-start Brazilian phosphate production
The 20-year loan covers the initial $118,000 capital expenditure required to kick off mining activities and fund an estimated $1.97M needed to bring the plant up to speed to process an expected 100,000 tonnes of phosphate annually.
The company is eyeing processing operations beginning in January next year on its organic phosphate product, dubbed Pampafos. Recent field trials showed Pampafos rivals the performance of top-shelf imported fertilisers at a fraction of their price.
Aguia recently leased its plant in Caçapava do Sul from century-old agricultural limestone firm Dagoberto Barcellos SAS. The decision to lease a suitable facility may turn out to be a masterstroke, as it avoids the need for a capital raise for a new plant and its considerable associated shareholder dilution.
'The offer of finance from a government- owned bank speaks volumes for the quality of the Tres Estradas project.'
Aguia Resources executive chairman Warwick Grigor
Aguia secured a 10-year lease on the fully operational Dagoberto Barcelos processing plant for what appears to be a modest $43,000 monthly fee and a one-off payment of $1.36M.
After a $1.97M refurb and small capital expenditure outlay at the mine site, local mine services firm Contrasaper will then be positioned to supercharge mining activities at the project.
Contrasaper's imprimatur is to undertake contract mining at the project and transport the phosphate to feed the processing facility at Caçapava do Sul, one of the oldest municipalities in the state of Rio Grande Do Sul.
Aguia Resources executive chairman Warwick Grigor said: 'The offer of finance from a government- owned bank speaks volumes for the quality of the Tres Estradas project, confirming strong governmental and social support for the development. The proposed capital for the first stage of 100,000tpa of phosphate product is able to be fully funded with the availability of the bank finance. The facility will also be useful in partly financing the subsequent expansion to 300,000tpa, in due course.'
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