First Phosphate (PHOS) said Wednesday that it secured a letter of support from Swiss Export Risk Insurance for $212.5 million in insurance or guarantees related to credit financing for a project in Canada.

The company said the guarantee is for purchases that include Swiss machinery and equipment for the igneous phosphate mine project, as well as goods and services to construct a processing facility in Saguenay-Lac-St-Jean, Quebec, Canada.

The guarantee is based on an assumed eligible Swiss export contract value of $250 million, with Swiss Export Risk Insurance expected to cover 85% of the amount, First Phosphate said.

Swiss Export Risk Insurance is prepared to provide cover for up to 95% of the eligible financed amount, First Phosphate said.