Project developer Keras Resources is acquiring a 51% interest in the Diamond Creek phosphate mine, in Utah, in the US, from phosphate miner Falcon Isle Holdings on the basis that Keras provides a $2.5-million loan facility to Falcon Isle.
The loan agreement will be paid in four tranches and comprise incremental equity increases, with Keras having already paid over the first $700 000 tranche. Keras announced on July 30 that they has raised £1.73-million to fund the remaining tranches.