I believe that Traxys will form part of the overall funding...

I believe that Traxys will form part of the overall funding package, but not provide the initial debt to set up the mine. The benefit of having Traxys as a distributor is the weight their binding offtake agreements carry, given their size and reputation. These agreements confirm cash flow, which is crucial when seeking funding.

Regarding their credit facility, I believe Traxys uses it to assist stakeholders with short-term cash flow issues, such as paying upfront at the start, as they will with ADN. For short-term cash flow issues (typically around 12 months), Traxys provides debt/credit as part of their trade finance solutions, but the companies must be generating revenue. It’s in Traxys’ best interest to help companies if issues arise, ensuring business continuity.

Traxys also assists with the logistics side of the business, which further supports ADN’s cash flow. When it comes to the debt portion, their partners may be involved, but it is likely to be other entities (possibly multiple).
For ADN, the debt will most likely come from private credit managers, possibly in Australia or Europe given interest rates are similar.

For those researching and understanding capital markets, the IMF explains why ADN will most likely get their debt from private credit managers. Refer to the International Monetary Fund’s report, “The Rise and Risks of Private Credit”.

Additionally, McKinsey & Company provides insights into alternative finance in mining. You can read more about it here.

Alternative financing in metals & mining | McKinsey