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The Motley Fool Australia »Stock Market News» King Island Scheelite (ASX: KIS) stock price explodes 58% today

Gretchen Kennedy | 4th February 2021, 11:22 am | More about: HIS

King Island Scheelite Limited (ASX: KIS) stock price climbs 58% to 24 cents this morning after the company received a $ 10 million loan financing package USD has announced

King Island Scheelite’s primary focus is on rehabilitation of the Company’s 100% Dolphin Tungsten Mine on King Island, Tasmania

To support the Dolphin Tungsten Project, King Island Scheelite has received a 10 million loan financing package from the Tasmanian government over a period of 10 years USD received

The loan is repaid monthly and only begins as interest. On the first day of the month following the second anniversary of the first loan, a fixed principal plus interest is paid

The loan terms also state that all other fundraising necessary to carry out the project must be successful

According to the Australian Financial Review, the loan is worth 10 million USD part of the financing amounting to 85 million US $ Required to Reopen the Project Another US $ 15 million will be requested from the federal government and the remaining funds will be raised from the stock and debt markets

During his address at the National Press Club earlier this week, Prime Minister Scott Morrison mentioned that critical minerals processing will fall below the federal government’s $ 1 billion manufacturing strategy

Tungsten is the second hardest mineral known to man after diamonds and has a wide variety of commercial, industrial, and military uses. It is widely used in the construction, mining, and transportation industries, among others

It is the heaviest technical material and has the highest melting point of all metals. Currently, around 83% of the world’s tungsten supply comes from China

Because of its economic importance, supply risk (given China’s dominance of the market) and its inability to be replaced, Australia classifies tungsten as a “critical mineral”

The British Geological Surveys, the US Department of Defense, the European Commission, Japan and Russia rate tungsten equally

Tungsten is a strategically important metal and an important input to industries vital to national security. We note that several Western governments recently identified a crisis in the supply chain for critical minerals, particularly tungsten, for North America does not currently produce any mines

We will continue to work closely with agencies at all levels of government, both federal and federal, as the company gathers the financial and technical resources to support the success of the Dolphin Project

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Motley Fool employee Gretchen Kennedy has no position in any of the stocks mentioned The Motley Fool Australia has no position in any of the stocks mentioned The Motley Fool has a disclosure policy This article provides general investment advice only (under AFSL 400691) Authorized by Bruce Jackson

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King Island Scheelite

World News – AU – King Island Scheelite (ASX: KIS) share price explodes 58% today