Ivernia eyes mine reopening by Q2
PERTH (miningweekly.com) - Canada’s Ivernia reported this week that it had secured a $20-million loan facility from Sprott Resources Lending Partnership to restart operations at the Paroo Station lead mine, in Western Australia.
The operation has been under care and maintenance since April 2011, after lead was found in a sample of dried mud on the bottom of a shipping container set to be transported from the mine site to the Port of Fremantle.
Ivernia has previously acknowledged that it would need to undertake a number of activities at the mine site, including recruiting and training a new workforce and mobilising contractors, before operations could be restarted.
The management of the TSX-listed company was confident, however, that the operation remained on track to start lead carbonate sale and shipments from the stockpiles, while the mine was slated for a restart in the second quarter of 2013, with full production levels targeted by year-end.
Since operations were halted in April 2011, Ivernia has been working to secure funding for working-capital purposes to fund the ongoing care and maintenance of the mine.
In June last year, Ivernia reported that it would likely need additional financing to fund the restart of the mine and to repay its $6-million facility from shareholder Enirgi Group Corporation.
The miner said this week that the new $20-million facility would mature in 2015, after 12 equal principal repayments, starting in March 2014. However, early repayments were allowed.
The facility would bear a 12%/y interest rate, compounded monthly, which was payable at the end of each month.
Ivernia has drawn down an initial $15-million under the facility, with the subsequent $5-million advance available within the next 90 days.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
