Finnvera to finance up to $132M in Troilus gold-copper project

Troilus Mining Corp (TSX: TLG) announced they have received a letter of interest from Finnvera for up to $132 million in potential export credit support related to equipment acquisition for their gold-copper project in Québec.

The non-binding letter of interest was issued in connection with the Metso selection a day before, where the Finland-based provider of mineral processing technologies and services will support the first phase of major process equipment procurement for the project. 

“The potential for up to approximately US$132 million in export credit support provides another attractive financing avenue as we continue advancing Troilus toward construction,”  Justin Reid, CEO and Director of Troilus said. “Finnvera is already participating in our broader project financing process, and we are very pleased to see the potential scope of that relationship expand alongside our advancing procurement program.”

This gives Troilus another source of long-term financing, advancing major equipment procurement and construction development for the gold-copper mine.

The Finnish support

Finnvera’s letter in connection with Metso relates to an estimated US$155 million export transaction involving equipment and services for the Troilus project. Finnvera may support financing of up to 85% of the value of eligible goods and services imported into Canada, up to US$132 million based on the estimated transaction value. 

Financing would be provided by an eligible commercial bank with Finland’s official export credit agency’s support. The letter of interest is non-binding and subject to customary due diligence and final approvals.

Troilus is already advancing a senior secured project financing mandate of up to $1.2 billion with Société Générale, KfW IPEX-Bank and Export Development Canada as Mandated Lead Arrangers, alongside support from leading Canadian and European export credit agencies.