Australian mining firm Wolf Minerals has secured a syndicated loan of US$115mn.

The facility was arranged by UniCredit, ING and Caterpillar Financial, but a spokesperson from Wolf was unable to confirm any of its terms to GTR.

It is guaranteed by the German government’s untied loan guarantee scheme and on similar terms by project off-takers Wolfram Bergbau und Hutton and Global Tungsten & Powders.

The loan will be used to develop a tungsten and tin project in Hemerdon, south west England – a project which Wolf will require a total of US$191mn to complete. The company’s spokesperson confirms that the rest of the finance is likely to come in equity form.

Wolf Minerals’ managing director Humphrey Hale said in a written statement: “This revised and increased senior debt package demonstrates the strength of the projected future cashflows to be generated by this world-class, low-cost tungsten and tin project and we look forward to finalising the funding package to bring this project into production.”