04/12/2009 - 13:19

Chinese bank joins Galaxy loan syndicate

04/12/2009 - 13:19

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Galaxy Resources says it $130 million project and plant loan has now been approved after China Development Bank Corporation joined the project finance syndicate led by Austrian bank, Raiffeisen Zentralbank Österreich AG.

Galaxy Resources says it $130 million project and plant loan has now been approved after China Development Bank Corporation joined the project finance syndicate led by Austrian bank, Raiffeisen Zentralbank Österreich AG.

Both banks have conducted their respective due diligence on the Mt Cattlin lithium project near Ravensthorpe and the Jiangsu processing plant, and have now approved the loan for A$130 million.

Galaxy managing director Iggy Tan said that attracting a project loan facility from two independent international banks is real benefit for the Company.

"We are delighted to have [Raiffeisen] and CDB as our new commercial finance partners and having recently achieved our first drawdown of US$20 million, we look forward to accelerating the development of our projects and generating a return for our shareholders." Mr Tan said.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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