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FINWIRES

Element 25 Secures AU$50 Million NAIF Financing Package for Western Australia Project Expansion

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Element 25 (ASX:E25) executed a definitive facility agreement for a AU$50 million financing package provided through the Northern Australia Infrastructure Facility (NAIF) to support its Butcherbird Expansion Project in Western Australia, according to a Tuesday Australian bourse filing.

The company said the agreement comprises a AU$42.5 million term facility and AU$7.5 million cost overrun facility, providing long-tenor, non-dilutive project finance and dedicated cost overrun support to "materially" advance its financing strategy for the expansion.

The Butcherbird Expansion Project is designed to expand the Butcherbird Manganese Project to roughly 1.1 million tonnes per year of manganese concentrate production capacity, it added.

The company's shares rose 2% in recent Tuesday trade.

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