The signing of the PDFA is a transformational milestone for Harena, marking DFC’s first direct financial commitment to the Ampasindava Project and formalising a partnership that the Company believes will be central to unlocking the Project’s development towards production.

Under the terms of the PDFA, DFC has committed to fund a substantial share of the agreed budget of project development costs, with all associated terms now settled and drawdown of the first tranche of funds already underway. The proceeds are earmarked for permitting, environmental and social studies, and the development of the Company’s Proof-of-Concept pilot plant, accelerating the pathway to the Definitive Feasibility Study and, ultimately, a construction decision.

Highlights:

In addition to the PDFA, DFC has retained the right to be considered for a further, more substantial financing or investment role in the project as it advances towards a construction decision. While any such future involvement remains subject to DFC’s own due diligence, appraisal and approval processes, and no figure or commitment has been agreed at this stage, the company views this as a significant potential pipeline opportunity and a further demonstration of DFC’s long-term strategic interest in Ampasindava.

Ivan Murphy, Executive Chairman of Harena, commented: “The signing of this Project Development Funding Agreement with DFC is a hugely exciting milestone for Harena and a real turning point in the development of the Ampasindava Project. It represents the first direct financial commitment from the US Government into our project and is a powerful endorsement of Ampasindava’s importance as a Western-aligned source of critical magnet rare earths.

I want to extend a very special thank you to DFC and, in particular, to Conor Coleman, DFC’s Chief of Staff and Head of Investments, and his team, for what has been a genuinely enjoyable and constructive working relationship over the past nine months. Their professionalism, pace, and partnership throughout this process have been outstanding, and we look forward to continuing to work closely with DFC and to expanding our relationship with them as we advance this world-class ionic clay rare earth resource towards production.

With funding now agreed and drawdown already underway, our team, led by our Executive Technical Director Allan Mulligan, is hard at work on site, and DFC has also indicated its interest in playing a much larger role in financing the Project as it advances towards a construction decision – a hugely encouraging signal for Harena’s future funding pipeline. I look forward to updating shareholders shortly with further news on our progress and development work in Madagascar.”

Read the article online at: https://www.globalminingreview.com/mining/23072026/signing-of-project-development-funding-agreement-with-the-us-international-development-finance-corporation/

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