Fertilizer producer Qinghai Salt Lake Industry (SHE:000792) seeks to secure a syndicated loan of up to 1.8 billion yuan to fund its 40,000-ton annual lithium salt integration project.

The two-year loan, offered by a consortium including ICBC and China Development Bank, benefits from a national 1.5% annual interest subsidy, according to a Tuesday filing with the Shenzhen bourse. The loan will have an interest rate of one-year loan prime rate minus 86 basis points.

The funds will be used for infrastructure and equipment procurement.