Mine developer Canada Lithium announced that The Bank of Nova Scotia and Caterpillar Financial have given credit-approved commitments to provide a C$75 million, five-year debt facility to finance Canada Lithium’s Québec lithium open pit mine and process plant near Val d’Or, Québec. The debt facility will be supported by a financial guarantee from Investissement Québec.

In addition to the debt facility, the company said Cat Financial will provide up to US$17 million of lease financing for the main components of the mining equipment fleet.

The C$75 million debt financing, C$60 million of which has been underwritten by Scotiabank as mandated lead arranger, with the remaining C$15-million to be provided by Cat Financial, will be supported by a partial financial guarantee from Investissement Québec, a Québec government agency established to foster economic development.