Finnvera could support US$132m of Troilus financing for Metso equipment

Finnvera could support up to US$132m of long-term financing for equipment being supplied by Finland’s Metso to the Troilus gold-copper project in Quebec, adding an export-credit component to a broader project funding process of up to US$1.2bn.

Troilus Mining has received a non-binding letter of interest from Finland’s official export credit agency covering an estimated US$155m package of Metso equipment and services. Under the contemplated structure, Finnvera could support up to 85% of eligible Finnish goods and services imported into Canada, equivalent to approximately US$132m at the current transaction value.

The funding would not be provided directly by Finnvera. An eligible commercial bank would make the loan, with the Finnish agency providing export-credit support subject to due diligence and final approvals. The distinction is important because neither the financing nor the full US$132m amount is currently committed.

The potential facility sits alongside Troilus’ wider senior secured project-financing mandate of up to US$1.2bn. Société Générale, KfW IPEX-Bank and Export Development Canada are acting as mandated lead arrangers, with Canadian and European export-credit agencies, including Finnvera, already involved in the process.

Metso was selected on 25 August for the first phase of major processing-equipment procurement. The package includes crushing, feeding, screening, high-pressure grinding and ball-milling equipment. Troilus has issued a letter of award and limited notice to proceed while definitive supply and service agreements are finalised, allowing detailed engineering work to continue.

The structure shows how procurement strategy and export finance can be developed in parallel on capital-intensive projects. By selecting a Finnish equipment supplier, Troilus has created an eligible export flow that can potentially bring Finnvera-supported bank debt into the financing package.

For the lenders arranging the wider project financing, that can diversify funding sources and place part of the equipment exposure behind ECA support rather than requiring the entire capital requirement to be carried on ordinary commercial terms.

The remaining hurdle is execution. Finnvera’s letter is explicitly non-binding, so the eventual amount, lender, pricing, tenor and final guarantee structure remain subject to approval.