Torngat Metals has secured C$165 million in combined financing, comprised of a C$110 million bridge loan facility agreement with Export Development Canada and a loan commitment of up to C$55 million from the Canada Infrastructure Bank, to develop the Strange Lake rare earth project in Quebec, Canada.
The loan facility will provide Torngat with financing to achieve a final investment decision for the rare earth project and is anticipated to be refinanced with proceeds from a subsequent project financing. Located in Nunavik, Quebec, the project will encompass an open-pit mine site and concentration plant, seasonal access road, port facilities and a rare earth separation and processing plant. Once developed, the mine and processing facility will be one of the largest heavy rare earth metals producers outside China and an important supplier of metals for magnets and other materials critical to the energy transition.
Torngat is a joint venture formed by Cerberus Capital Management, Blarney Mining Consortium and HT Investor.
The S&C team advising Torngat on the bridge financing and subsequent project financing includes Stewart Robertson, Werner Ahlers, Courtland Morrice, Meng Yu, Ishaan Kapur and Carrington Kyle.