Aguia Resources, an Australian registered company, has announced a loan of A $ 3.75 million from the Brazilian Development Bank of Southern (BRDE) to finance the Tres Estradas phosphate project.
Combined with the A $ 4.48 million that Agia has in the bank, the company now has sufficient capital to fund the A $ 7.37 million project capital expenditure.
“BRDE’s financial support is Tres Estradas’ main vote of confidence and a key milestone we have achieved to get the project into production,” said MD. Fernando Tallarico…
The interest rate on the 20-year loan will be 12% per annum.
Aguia is in the final stages of acquiring land for the project, which will pave the way for an installation license. After obtaining a building license, it will take six to eight months. The first production is expected in the first quarter of 2022.