Coromandel International Issues $23.1 Million Guarantee For Senegal Mining JV

Coromandel International Ltd. has issued a corporate guarantee worth $23.1 million in favour of Citibank N.A. to support the working capital facility of Baobab Mining & Chemicals Corp. S.A., Senegal, the company said in an exchange filing Wednesday.

In 2022-2023, Coromandel International invested in Baobab Mining through its wholly owned subsidiary Coromandel Chemicals Ltd., which holds 45% stake in the Senegal-based company.

The guarantee is a contingent liability, and Coromandel may be required to meet the obligation if Baobab Mining fails to do so, the company said.