SPOKANE, WA (AFX) - Minera Andes Inc said Hochschild Mining PLC's subsidiary, Lorenzon Ltd, is finalizing terms and conditions under which it will provide the remaining financing to complete the construction of the San Jose project.
The facility to Minera Santa Cruz SA (MSC), a company owned 49 pct by Minera Andes and 51 pct by Hochschild, will provide a project finance loan of up to 55 mln usd for the completion of mine construction at the San Jose silver/gold project in Argentina scheduled for production late in the first half of 2007.
While the final documentation is being completed on the 55 mln usd facility with Lorenzon, MSC has accepted an offer letter for a bridge loan for 20 mln usd.
'The bridge loan facility allows construction of the mine to proceed on schedule while the larger project loan documentation is completed,' said Allen Ambrose, president of Minera Andes. 'This will assist in bringing the project to completion on the current timetable.' newsdesk@afxnews.com jc COPYRIGHT Copyright AFX News Limited 2006. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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