On September 25, 2012, the Company announced that it was moving forward with its proposed 168-billion-won (US$150-million) debt financing with Shinhan Bank, as announced on July 11, 2012. Shinhan Bank is one of the largest commercial banks in Korea. On completion of formal due diligence, the parties are expected to move to a binding debt financing agreement during the third quarter of fiscal 2013. The Sangdong Mine and process plant will be financed with $35,000,000 in equity from IMC and US$150,000,000 in debt from the Shinhan Bank. The ammonium paratungstate (“APT”) refinery joint venture company will be financed with US$35,000,000 invested by IMC and the Company through debt and equity in accordance with their respective interest.