ElementUS announced that it has been approved for a significant allocation of tax-exempt private activity bond issuance.
GRAMERCY, LA, USA, March 8, 2021 /EINPresswire.com/ — ElementUS, the rare earth elements and minerals extraction JV between DADA Holdings and Enervoxa, announced that it has been approved by the Louisiana Public Facilities Authority (“LPFA”) for a significant allocation of tax-exempt private activity bond issuance as part of the anticipated $850 million of total debt approved for construction of the facility. This approval, and the subsequent Executive Order from the Governor of Louisiana on granting the bond issue, represents a major step forward for ElementUS.
James W. Parks II, President and CEO of the LPFA, adds, “The LPFA is delighted to assist ElementUS with the financing for this exciting economic development opportunity and appreciate their investment in Louisiana.” Piper Sandler & Co. has been engaged as the sole managing underwriter for the debt offering, Foley Judell will be Bond Counsel and Orrick will be Special Tax Counsel.
Additionally, ElementUS has successfully completed its first round of fundraising with significant equity contributions from both JV partners which will allow ElementUS to move forward expeditiously with the development of the project.
About ElementUS: ElementUS, a JV between affiliates of DADA Holdings and Enervoxa, will extract valuable rare earth elements and minerals from residual bauxite at DADA’s alumina refinery in Gramercy, Louisiana. ElementUS will deploy Enervoxa technology to separate residual bauxite into its component materials, including several rare earth elements along with iron, titanium and alumina.
About Enervoxa: Enervoxa is a multi-integrated infrastructure and renewable energy construction company based in Canada with its operations worldwide. Enervoxa implements their very own core technologies on large to mid-scale plants that are designed to: process different types of tailings in the mining sector, treatment of contaminated water and sewage, desalination, waste and biomass into power, while supplying a complete turnkey solution. Enervoxa is now emerging as a key player in the hydrogen fuel and infrastructure space with their next generation Hydrogen production plants and capture and utilization of CO2 at the same time.
About DADA Holdings: DADA Holdings is an investment and management company based in Fort Lauderdale, FL that makes control investments and manages companies in basic industries, such as metals and mining. The partners of DADA Holdings, along with strategic partner Concord Resources Limited, are the principal owners of New Day Aluminum and its subsidiaries Noranda Alumina, located in Gramercy, Louisiana, which produces metallurgical and non-metallurgical aluminas, and Noranda Bauxite, located in St. Ann, Jamaica, which mines and ships bauxite for metallurgical and non-metallurgical applications globally. New Day also owns and operates NICHE Chemical, the primary supplier of chemical grade alumina in North America, along with specialty minerals businesses Niche Fused Alumina in La Bâthie, France and Niche Fused Magnesia in Hull, England, as well as ReNew Recycling, a ferrous and non-ferrous metal processing and recycling business with operations in the Southeastern U.S. Concord Resources Limited is a global resources merchant focused on the supply chain and risk management of non-ferrous metals and associated raw materials. Founded in 2015, Concord is headquartered in London and covers markets through its principal offices in New York and Hong Kong, serving customers worldwide.
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Source: EIN Presswire