Toronto-MBAC Fertilizer Corp. said Jan. 31 that it has received approval from Banco Itau BBA S.A. for a US$110 million project financing facility in connection with the development of its planned large-scale single super phosphate project (540,000 mt/y) located in the State of Tocantins, Brazil. MBAC also says the International Finance Corp., a member of the World Bank Group, has indicated that it will provide $25 million in project financing and $20 million of equity financing in connection with the project. MBAC expects to receive a definitive term sheet from IFC in March. MBAC says these financings and cash on hand will be enough to fully fund the expected future capital expenditures for the project through the commencement of commercial production in 2012.
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