OM lines up finance for Malaysian smelter
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OM Holdings has finalised a $US315 million project financing facility for its Ferro Alloy smelting project in Sarawak, Malaysia.
OM said the funding facility was the final milestone in the financing process for the project, which is scheduled for commissioning in the second quarter of next year.
It is made up of $US215 million and MYR310 million ($A106 million) in project finance debt and a MYR126 million ($A43 million) credit line.
The facility is being provided by a syndicate of lenders made up of Malaysian and international banks.
OM Holdings is aiming to produce more than 308,000 tonnes of ferrosilicon alloys per year at the Sarawak plant, making it one of the lowest cost silicon based ferro alloy producers worldwide.
Ferrosilicon alloys are an important ingredient in the steel-making process, and can also be used as an additive in cast irons.
At 12:00PM, WST, OM Holdings shares were down 1.43 per cent, at 34.5 cents.