Luxembourg-based Northland Resources SA has announced that Caterpillar Financial Services Corporation (Caterpillar Financial) has been appointed to arrange financing for up to US$50 million for leased mobile equipment that is expected to be utilized in the development and operation of Northland's Kaunisvaara project in Sweden.
Caterpillar Financial is the financial arm of US-based construction and mining equipment titan Caterpillar Inc.
Northland is a development-stage mining company with a portfolio of iron projects in northern Sweden and Finland. The Kaunisvaara project contemplates the development of three magnetite iron ore deposits.
"This is an important component of the total financing package for the Kaunisvaara project. In addition to the Caterpillar Lease Facility, financing is also expected to include a combination of project financing with a syndicate of banks, financing by off-take parties and equity," Eva Kaijser, Northland's CFO said.