Strategic materials development company, NextSource Materials, has signed of a Mandate Letter with International Finance Corporation (IFC), the private sector investment arm of the World Bank Group, for a senior debt facility totalling US$91 million to fund an expansion of the Molo Graphite Mine in southern Madagascar.
The IFC Debt Facility would fund approximately 50% of the capital costs and working capital requirements for the mine expansion to 150,000 tpa.
Craig Scherba, CEO of NextSource commented: “We are delighted to announce the signing of a Mandate Letter with IFC, marking a significant milestone in our journey to expand the Molo Graphite Mine and support the diversification of global supply chains for critical battery materials. This partnership underscores the confidence placed in NextSource’s Molo mine expansion by one of the world’s leading development finance institutions. With IFC’s support, we are poised to unlock Molo’s vast potential and further contribute to long term sustainable development in Madagascar.”
