Avanti Mining gets $640 million financing for Kitsault mine in B.C.

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Avanti Mining has arranged to borrow $640 million from an international group for the development of its Kitsault molybdenum mine in northwestern B.C.

The Vancouver-based company said Thursday the five lenders include Export Development Canada and Caterpillar Financial. Also on the list are UniCredit Bank AG, KfW IPEX-Bank GmbH, and Korea Development Bank. "This confirms our belief that Kitsault is a world class molybdenum deposit in a well known mining jurisdiction and can be developed in a manner that protects and supports the local communities," said president and CEO Craig Nelsen. Molybdenum is used to harden and protect other metals from corrosion. Avanti has focused on restarting the mothballed molybdenum mine, and is awaiting environmental approvals from both the B.C. and Canadian environmental assessment offices. The company said the agreement will give it $560 million of senior debt over a...