© Reuters.
Based in Saguenay, Quebec, mining company First Phosphate Corp. has attracted the attention of the Export-Import Bank of the United States. The bank has expressed potential interest in financially backing the company, as indicated by a letter received on Friday.
The letter suggests a potential financial commitment amounting to USD $170,000,000. However, it’s important to note that this communication does not assure funding or guarantee any or all financing from the bank.
As part of its standard procedures, the U.S. Export-Import Bank will conduct due diligence before making a final commitment to this transaction. This process is a crucial step in the bank’s decision-making and will determine whether it proceeds with the proposed financial backing.
It remains to be seen how this development will unfold and what implications it may have for First Phosphate Corp.’s future operations.
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