The lithium aspirant is working to secure the funding it needs to get its project in Germany off the ground. CIMIC will also emerge as a major shareholder.
Already a subscriber?Hancock Prospecting billionaire Gina Rinehart has increased her stake in Vulcan Energy Resources to 7.5 per cent after stumping up more than $20 million to help the lithium aspirant secure funding needed to get itsCIMIC, the country’s largest privately owned builder, will emerge with about 6 per cent of the stock after committing €25 million via a private placement.
Vulcan is in line to score a €500 million loan from the European Investment Bank, and has indications of export credit agency support from Australia, Canada, Italy and France. Vulcan said the €40 million from CIMIC, Hancock and Victor Smorgon Group would be put towards validation works for the engineering, procurement and construction management contract for the phase one lithium plant, and other activities including engineering and the pre-ordering of long lead items.
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