Liontown Resources (ASX:LTR) executed a deed of loan with the state government of Western Australia for an interest-free unsecured loan of AU$15 million applied to access the government's program to support the state's lithium industry, according to a Wednesday Australian bourse filing.
The firm will have to repay the loan through regular quarterly payments over two years following the end of the interest-free period, which will cease after average lithium spodumene prices rise above $1,100 per tonne for two successive quarters, or by June 30, 2026, whichever occurs earlier.
It expects to receive the funds in the current quarter.
The government also confirmed that the firm is eligible for a waiver of port charges and rebates for certain mining tenement fees from Jan. 1 for a two-year period or until the average price per tonne of spodumene concentrate exceeds $1,100 for two successive quarters.
Liontown Resources' shares jumped 3% in recent trading on Wednesday.
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