First Phosphate Formalizes Investment And Offtake Agreements at G7 Summit
First Phosphate (PHOS.CN), up 9% on last look, on Wednesday said it formalized several international investment and offtake agreements at the G7 Summit in France.The agreements, secured under the Critical Minerals Resilience and Production Alliance, includes multiple letters of interest (LOIs) from export credit agencies, financial institutions, and industrial partners.These include an LOI for up to C$275 million in guarantees from Denmark's Export and Investment Fund (EIFO) to support development of the Begin-Lamarche mine in Quebec.The company also secured LOIs from Italy's export credit agency, and its state-owned development bank, along with support from engineering group Maire relating to a planned phosphoric acid plant at Port Saguenay, Quebec.First Phosphate also signed definitive offtake agreements covering key portions of future production, a statement said.First Phosphate shares were last seen up $0.15, to $1.78 on the Canadian Securities Exchange.Price: $1.78, Change: $+0.15, Percent Change: +9.20%
