IXM closes a $444 million Revolving Credit Facility (“RCF”) linked to Ecovadis ESG ratings

IXM has signed for the first time a $444 million Revolving Credit Facility (“RCF”) linked to IXM’s EcoVadis ratings and aligned with Sustainability-linked loan principles.

This was made possible after IXM earned its first EcoVadis rating for Sustainability performance.

IXM scored a silver rating, which places the company in the top 25% of its industry (ISIC category).

If IXM improves its ESG rating above a pre-agreed target, a discount on the margin is received. On the contrary, if the company’s rating worsens, it will have to pay a premium over the margin.

The transaction was successfully closed and increased in size with a syndicate of 19 banks led by ING. IXM wishes to thank all 19 lenders of the RCF and particularly ING who acted as Bookrunner, Facility Coordinator, Facility Agent and Sustainability Coordinator.

IXM recognizes that there have been a number of significant advances in ESG and its associated assurance, and correspondingly a notable increase in expectations from institutional investors and from customers of metals around ESG leadership, performance and disclosure.

“The set up and management of a revolving credit facility linked to Ecovadis yearly ESG metrics validates the implementation of sound sustainability practices at IXM and will serve as benchmark and incentive to continuously improve them”. Paul Akroyd, CEO

IXM also partners with and supports several impactful industry wide initiatives aimed at improving sustainability and transparency in the mining sector like the Fair Cobalt Alliance, the Better Mining Program and Re|Source, a blockchain solution for end-to-end cobalt traceability from the mine to the electric car.

For further information: compliance(at)ixmetals.com

About EcoVadis

EcoVadis is the worlds’ most trusted provider and the global standard of business sustainability ratings. The EcoVadis assessment evaluates 21 sustainability criteria across four core themes: Environment, Labour & Human Rights, Ethics and Sustainable Procurement.

More than 85’000 companies globally have been rated by EcoVadis. EcoVadis’ business sustainability ratings are based on international sustainability standards such as the Ten Principles of the UN Global Compact, the International Labour Organization (ILO) conventions, the Global Reporting Initiative (GRI) standards and the ISO 26000 standard. The ratings provide an evidenced-based analysis on performance and an actionable roadmap for continuous improvement.