| | Published : June 30th, 2014 | Provides Update on Ollachea Financing Negotiations and Existing Debt Facilities |
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Minera IRL Provides Update on Ollachea Financing Negotiations and Existing Debt Facilities
Lima, 30 June 2014: Minera IRL Limited ("Minera IRL" or the "Company") (TSX:IRL) (AIM:MIRL) (BVL:MIRL), the Latin America gold mining company, is providing an update on financing negotiations for the construction of the Ollachea Gold Mine and the existing Finance Facility with Macquarie Bank.
Following extensive technical due diligence and in accordance with a debt financing mandate, the Company has received a Committed Letter of Offer from Macquarie Bank for a senior Project Loan Facility for $100 million. Following the consolidation of the existing $30 million Macquarie Finance Facility, this would provide $70 million of new funds towards the construction of the Ollachea Gold Mine.
As per Minera IRL's 4 June 2014 press release, a recently completed optimization of the 2012 Ollachea Gold Project Definitive Feasibility Study reported that the estimated initial capital cost to build the Ollachea Project is $164.7 million, including a 12% contingency. The Company will also need to fund an additional $12 million of working capital for IGV (General Sales Tax) for a total pre-production capital of approximately $177 million.
As a result, the Company continues to advance discussions with various parties to obtain the balance of the funding required. Sources of additional financing may include, but are not limited to, the sale of a production royalty, the sale of a royalty stream, subordinated debt instruments, the sale of an interest in the project or equity financing.
Until such time as there is more certainty with respect to the sources of the remaining funding required, the Company does not feel it is in a position to execute the Committed Letter of Offer. Accordingly, the Company is now targeting the completion of financing negotiations by the end of the third quarter of 2014 and has extended its debt financing mandate with Macquarie Bank.
With respect to the existing $30 million Macquarie Finance Facility that was due to mature on 30 June 2014, the Company has negotiated with Macquarie Bank to extend the term of the loan by one year to 30 June 2015. In addition to the existing terms, which will remain unchanged, there will be an upfront fee of $1.5 million and the Company will issue 26 million options with an exercise price that will be priced in the context of the market to Macquarie Bank at a later date that is subject to regulatory approval and final documentation. The existing 18.8 million options currently held by Macquarie Bank will be cancelled when the new options are issued.
With the Construction Permit now granted, only project financing remains outstanding prior to the commencement of construction. Following the completion of financing discussions, the Company will provide an update on the development timeline for Ollachea. |
For more information please contact:
Minera IRL
Jeremy Link, Business Development
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+1 (647) 692 5460 |
Canaccord Genuity Limited (Nominated Adviser & Broker, London)
Neil Elliot
Emma Gabriel
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+ 44 (0)20 7523 8000 |
finnCap (Co-broker, London)
Geoff Nash (Corporate Finance)
Matthew Robinson (Corporate Finance)
Elizabeth Johnson (Corporate Broking)
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+ 44 (0)20 7600 1658 |
Buchanan (Financial PR, London)
Bobby Morse
Louise Mason
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+44 (0)20 7466 5000
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Minera IRL Limited is a AIM, TSX and BVL listed precious metals mining, development and exploration company with operations in Latin America. Minera IRL is led by a management team with extensive operating experience in South America. In Peru, the Company operates the Corihuarmi Gold Mine and the advanced Ollachea Gold Project. The Company also has a 51% interest in the Don Nicol�s joint venture in Argentina with CIMINAS. For more information, please visit www.minera-irl.com.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.
Cautionary Statement on Forward-Looking Information
Certain information in this news release, including information about the Company's financial or operating performance and other statements expressing management's expectations or estimates of future events, performance and exploration and development programs or plans constitute "forward-looking statements". Forward-looking statements often, but not always, are identified by words such as "seek", "believe", "expect", "do not expect", "will", "will not", "intend", "estimate", "anticipate", "plan", "schedule" and similar expressions of a conditional or future oriented nature identify forward-looking statements. Forward-looking statements are, necessarily, based upon a number of estimates and assumptions. While considered, by management, to be reasonable in the context in which they are made forward-looking statements are inherently subject to political, legal, regulatory, business and economic risks and competitive uncertainties and contingencies.
The Company cautions readers that forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Minera IRL's actual financial results, future performance and results of exploration and development programs and plans to be materially different than those expected or estimated future results, performance or achievements and that forward-looking statements are not guarantees of future performance, results or achievements.
Forward-looking statements are made as of the date of this news release and Minera IRL assumes no obligation, except as may be required by law, to update or revise them to reflect new events or circumstances. Risks, uncertainties and contingencies and other factors that might cause actual performance to differ from forward-looking statements include, but are not limited to, changes in the price of precious metals and commodities, changes in the relative exchange rates of the US dollar against the Peruvian nuevo sol and the Argentinean peso, interest rates, legislative, political, social or economic developments both within the countries in which the Company operates and in general, contests over title to property, the speculative nature of mineral exploration and development, operating or technical difficulties in connection with the Company's development or exploration programs, increasing costs as a result of inflation or scarcity of human resources and input materials or equipment. Known and unknown risks inherent in the mining business include potential uncertainties related to the title of mineral claims, the accuracy of mineral reserve and resource estimates, metallurgical recoveries, capital and operating costs and the future demand for minerals. For additional information, please consult the Company's most recently filed MD&A and Annual Information Form. | |
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Minera IRL
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PRODUCER |
CODE : MIRL.L |
ISIN : JE00B1HNYF12 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Minera IRL is a gold producing company based in Peru. Minera IRL develops gold and silver in Argentina and in Peru, and holds various exploration projects in Peru. Its main asset in production is CORIHUARMI in Peru, its main assets in development are GOLDEN ZONE PROPERTY in Peru and DON NICOLAS in Argentina and its main exploration properties are PAN DE AZUCAR, DUTCH FLAT, WINNEMUCCA MOUNTAIN, AWAKENING, CHERT CLIFF, SUMMIT PROJECT, ESCONDIDO and EAST SANTA CRUZ in Argentina, CATA PRETA, OVERLAND PASS, SCRAPER, WHITE CANYON MINE, SOUTH ESTELLE, UTAH CLIPPER, CRESTVIEW, LAURA PROPERTY, WHITE HORSE NORTH, RED HILLS PROPERTY, PETE'S SUMMIT, GUILD PROJECT, CLARA MORO and FOUR METALS PROPERTY in Brazil, HUAQUIRCA, VECA PROJECT, BETHANIA, OLLACHA and QUILAVIRA in Peru, FRONTERA in Chile and OXFORD LAKE, COTE ARCHIE LAKE, BOLO and DEL ORO in Canada. Minera IRL is listed in Canada and in United Kingdom. Its market capitalisation is GBX 809.0 millions as of today (US$ 1.2 billions, € 1.1 billions). Its stock quote reached its highest recent level on January 07, 2011 at GBX 96.00, and its lowest recent point on August 28, 2015 at GBX 0.25. Minera IRL has 231 130 000 shares outstanding. |
Annual reports of Minera IRL |
Project news of Minera IRL |
9/8/2015 | IRL resumes Peru gold mine operations after deal with locals |
9/7/2015 | Local activists occupy Minera IRL's gold mine in Peru, share... |
9/7/2015 | Local activists occupy Minera IRL's gold mine in Peru, share... |
12/24/2013 | descubre Trincheras de 3 g/t de Oro en 200 metros de Don Nic... |
5/22/2013 | Announces Final Community Endorsement of Environmental and S... |
4/2/2013 | Announces Underground Exploration Drill Results, Ollachea Pr... |
2/13/2013 | Announces Successful Completion of Exploration Drive at Olla... |
10/17/2012 | (Don Nicolas)Announces Approval of EIA and Granting of Development Permit... |
9/6/2012 | Discovers New Mineralized System at Don Nicolas Project, Arg... |
7/18/2012 | Confirms Ollachea Resource Estimate |
7/10/2012 | (Don Nicolas)and Communities Sign Social License Agreement for Don Nicola... |
5/16/2012 | (Don Nicolas)Commences Permitting on Don Nicolas Project |
2/14/2012 | Announces Successful Feasibility Study for Don Nicolas Proje... |
4/1/2011 | (Corihuarmi)Minera IRL Announces 2010 Year-End Results |
3/30/2011 | (Escondido)Minera IRL Announces Exploration Update, Escondido Project, ... |
3/3/2011 | (Escondido)Announces Exploration Update, Escondido Project, Argentina |
2/22/2011 | (Pan De Azucar)Announces Scout Drilling Results, Pan de Azucar Prospect, Ar... |
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Corporate news of Minera IRL |
12/23/2015 | December 23, 2015 Minera IRL Limited Reports Resignation of ... |
12/16/2015 | December 16, 2015 Minera IRL Limited Reports EGM Results |
12/16/2015 | December 16, 2015 Minera IRL Limited Reports EGM Results |
12/7/2015 | December 07, 2015 Minera IRL Limited Announces Adjourned EGM... |
12/7/2015 | December 07, 2015 Minera IRL Limited Announces Adjourned EGM... |
12/7/2015 | December 07, 2015 Minera IRL Limited Announces Adjourned EGM... |
12/7/2015 | December 07, 2015 Minera IRL Limited Announces Adjourned EGM... |
12/7/2015 | December 07, 2015 Minera IRL Limited Announces Adjourned EGM... |
12/7/2015 | December 07, 2015 Minera IRL Limited Announces Adjourned EGM... |
12/7/2015 | December 07, 2015 Minera IRL Limited Announces Adjourned EGM... |
12/7/2015 | December 07, 2015 Minera IRL Limited Announces Adjourned EGM... |
12/7/2015 | December 07, 2015 Minera IRL Limited Announces Adjourned EGM... |
12/7/2015 | December 07, 2015 Minera IRL Limited Announces Adjourned EGM... |
11/27/2015 | November 27, 2015 Minera IRL Limited Reports on Extraordinar... |
11/27/2015 | November 27, 2015 Minera IRL Limited Reports on Extraordinar... |
11/22/2015 | November 21, 2015 Minera IRL Limited Reports on Ollachea Com... |
11/22/2015 | November 21, 2015 Minera IRL Limited Reports on Ollachea Com... |
11/22/2015 | Minera IRL Limited Reports on Ollachea Community Announcemen... |
11/20/2015 | November 20, 2015 Minera IRL Limited: Update on Developments... |
11/20/2015 | November 20, 2015 Minera IRL Limited: Update on Developments... |
11/20/2015 | Minera IRL Limited: Update on Developments With Ollachea Com... |
10/30/2015 | October 30, 2015 Minera IRL Limited Announces Cease Trade Or... |
10/30/2015 | October 30, 2015 Minera IRL Limited Announces Cease Trade Or... |
10/28/2015 | October 28, 2015 Minera IRL Limited Announces Delisting of O... |
10/28/2015 | Minera IRL Limited Announces Delisting of Ordinary Shares Fr... |
10/23/2015 | October 23, 2015 Minera IRL Limited: Notice of EGM and Posti... |
10/23/2015 | October 23, 2015 Minera IRL Limited: Notice of EGM and Posti... |
10/23/2015 | Minera IRL Limited: Notice of EGM and Posting of Circular |
10/22/2015 | October 22, 2015 Minera IRL Limited Responds to Unauthorized... |
10/22/2015 | October 22, 2015 Minera IRL Limited Responds to Unauthorized... |
10/22/2015 | Minera IRL Limited Responds to Unauthorized Press Release |
10/21/2015 | October 21, 2015 Minera IRL Limited Provides Corporate and O... |
10/21/2015 | October 21, 2015 Minera IRL Limited Provides Corporate and O... |
10/21/2015 | Minera IRL Limited Provides Corporate and Operational Update |
10/9/2015 | October 09, 2015 Minera IRL Limited Announces That a Group o... |
10/9/2015 | October 09, 2015 Minera IRL Limited Announces That a Group o... |
10/1/2015 | October 01, 2015 Minera IRL Limited Announces Resignation of... |
9/29/2015 | September 29, 2015 Minera IRL Limited Announces Delay to Pub... |
9/29/2015 | September 29, 2015 Minera IRL Limited Announces Delay to Pub... |
9/25/2015 | CORRECTION: Trading Suspended - Minera IRL Limited (Symbol: ... |
9/25/2015 | September 25, 2015 Minera IRL Limited Responds to Reports of... |
9/25/2015 | September 25, 2015 Minera IRL Limited Responds to Reports of... |
9/25/2015 | Minera IRL Limited Responds to Reports of Unauthorized Press... |
9/21/2015 | September 21, 2015 Minera IRL Limited Announces Process of R... |
9/21/2015 | September 21, 2015 Minera IRL Limited Announces Process of R... |
9/21/2015 | Minera IRL Limited Announces Process of Removing Former Comp... |
9/21/2015 | September 21, 2015 Minera IRL Limited Announces Suspension o... |
9/21/2015 | September 21, 2015 Minera IRL Limited Announces Suspension o... |
9/21/2015 | Minera IRL Limited Announces Suspension of Trading on AIM |
9/21/2015 | IIROC Trading Halt - IRL |
9/9/2015 | September 09, 2015 Minera IRL Limited Announces Lifting of B... |
9/7/2015 | September 07, 2015 Minera IRL Limited Announces Temporary Su... |
9/7/2015 | September 07, 2015 Minera IRL Limited Announces Temporary Su... |
9/7/2015 | Minera IRL Limited Announces Temporary Suspension of Operati... |
9/3/2015 | September 03, 2015 Minera IRL Limited: Appointment of Non-Ex... |
9/3/2015 | September 03, 2015 Minera IRL Limited: Appointment of Non-Ex... |
9/3/2015 | Minera IRL Limited: Appointment of Non-Executive Chairman to... |
8/27/2015 | August 27, 2015 Minera IRL Limited Reports AGM Voting Result... |
8/27/2015 | August 27, 2015 Minera IRL Limited Reports AGM Voting Result... |
8/24/2015 | August 24, 2015 Minera IRL Limited Announces Management Chan... |
8/24/2015 | August 24, 2015 Minera IRL Limited Announces Management Chan... |
8/24/2015 | Minera IRL Limited Announces Management Change |
8/17/2015 | August 17, 2015 Minera IRL Limited: Community Suspension of ... |
8/17/2015 | Minera IRL Limited: Community Suspension of Development Acti... |
7/22/2015 | July 22, 2015 Posting of Circular, Notice of AGM and Propose... |
7/22/2015 | July 22, 2015 Posting of Circular, Notice of AGM and Propose... |
7/22/2015 | Posting of Circular, Notice of AGM and Proposed Consolidatio... |
7/14/2015 | July 14, 2015 Minera IRL Announces Appointment of Eric Olson... |
7/14/2015 | July 14, 2015 Minera IRL Announces Appointment of Eric Olson... |
7/14/2015 | Minera IRL Announces Appointment of Eric Olson as Chief Oper... |
4/21/2015 | April 21, 2015 Minera IRL Announces Passing of Founding Dire... |
4/21/2015 | April 21, 2015 Minera IRL Announces Passing of Founding Dire... |
4/21/2015 | Minera IRL Announces Passing of Founding Director Courtney C... |
4/1/2015 | April 01, 2015 Minera IRL Provides Corporate Update |
4/1/2015 | April 01, 2015 Minera IRL Provides Corporate Update |
4/1/2015 | Minera IRL Provides Corporate Update |
3/6/2015 | March 06, 2015 Minera IRL CEO Taking Leave of Absence, Execu... |
3/6/2015 | March 06, 2015 Minera IRL CEO Taking Leave of Absence, Execu... |
3/6/2015 | Minera IRL CEO Taking Leave of Absence, Executive Chairman A... |
1/21/2015 | January 21, 2015 Minera IRL Announces Director Resignation |
1/21/2015 | January 21, 2015 Minera IRL Announces Director Resignation |
1/21/2015 | Minera IRL Announces Director Resignation |
1/21/2015 | Minera IRL Announces Director Resignation |
12/23/2014 | December 23, 2014 Minera IRL Provides Update on Ollachea Fin... |
12/23/2014 | December 23, 2014 Minera IRL Provides Update on Ollachea Fin... |
12/23/2014 | Minera IRL Provides Update on Ollachea Financing Negotiation... |
12/23/2014 | Minera IRL Provides Update on Ollachea Financing Negotiation... |
11/13/2014 | November 12, 2014 Minera IRL Reports Third Quarter 2014 Resu... |
11/13/2014 | November 12, 2014 Minera IRL Reports Third Quarter 2014 Resu... |
11/13/2014 | Minera IRL Reports Third Quarter 2014 Results |
11/13/2014 | Minera IRL Reports Third Quarter 2014 Results |
9/30/2014 | Minera IRL Provides Update on Ollachea Financing Negotiation... |
9/30/2014 | Minera IRL Provides Update on Ollachea Financing Negotiation... |
8/13/2014 | Minera IRL Reports Second Quarter 2014 Results |
8/13/2014 | Minera IRL Reports Second Quarter 2014 Results |
7/30/2014 | Minera IRL Announces Sale of Don Nicolas Interest to CIMINAS |
7/30/2014 | Minera IRL Announces Sale of Don Nicolas Interest to CIMINAS |
7/21/2014 | Minera IRL Identifies New Zones of Gold Mineralization at th... |
7/21/2014 | Minera IRL Identifies New Zones of Gold Mineralization at th... |
6/30/2014 | Provides Update on Ollachea Financing Negotiations and Exist... |
6/30/2014 | Minera IRL Receives Construction Permit to Build the Ollache... |
6/30/2014 | Minera IRL Provides Update on Ollachea Financing Negotiation... |
6/30/2014 | Minera IRL Receives Construction Permit to Build the Ollache... |
6/30/2014 | Minera IRL Provides Update on Ollachea Financing Negotiation... |
6/4/2014 | Minera IRL Reports Positive Ollachea Project Optimization Re... |
6/4/2014 | Minera IRL Reports Positive Ollachea Project Optimization Re... |
5/14/2014 | Minera IRL Reports First Quarter 2014 Results |
5/14/2014 | Minera IRL Reports First Quarter 2014 Results |
5/9/2014 | Minera IRL Provides Notice of First Quarter 2014 Results and... |
5/9/2014 | Minera IRL Provides Notice of First Quarter 2014 Results and... |
4/3/2014 | Minera IRL Announces Notice of Annual General Meeting, Direc... |
4/3/2014 | Minera IRL Announces Notice of Annual General Meeting, Direc... |
3/31/2014 | Minera IRL Reports Year-End 2013 Financial Results |
3/31/2014 | Minera IRL Reports Year-End 2013 Financial Results |
3/24/2014 | March 24, 2014 Minera IRL Provides Notice of Fourth Quarter ... |
3/24/2014 | March 24, 2014 Minera IRL Provides Notice of Fourth Quarter ... |
3/24/2014 | Minera IRL Provides Notice of Fourth Quarter and Year-End 20... |
2/17/2014 | Provides Company UpdateCc: |
2/17/2014 | Informaci=F3n Actualizada de Minera IRLCc: |
2/10/2014 | anuncia cambios en el Directorio y Gerencia de la Compa=F1=E... |
11/29/2013 | participa del Mines and Money y es nominada a dos premios in... |
11/29/2013 | will be attending Mines and Money |
11/14/2013 | Anuncia los Resultados Financieros para el Tercer Trimestre ... |
9/30/2013 | Application of the Takeover Code |
9/26/2013 | Recibe la Aprobaci=F3n para el Desarrollo del Proyecto de Or... |
9/26/2013 | Receives Approval to Develop the Ollachea Gold Project |
8/19/2013 | Announces $80 million Financing for the Don Nicolas Gold Pro... |
8/19/2013 | Anuncia Financiamiento de $80 millones par |
5/14/2013 | Anuncia los Resultados Financieros Para el Primer Trimestre ... |
5/9/2013 | Anuncia Tres Nuevos Sistemas de Vetas de Oro en Patagonia |
4/2/2013 | Anuncia los Resultados de la Perforaci=F3n |
3/28/2013 | Anuncia sus Resultados Financieros del ejercicio del a=F1o ... |
3/28/2013 | Announces 2012 Year-End Results |
2/13/2013 | Anuncia la Exitosa Finalizaci=F3n de |
11/5/2012 | Anuncia los Resultados Financieros para el Tercer Trimestre ... |
10/17/2012 | Anuncia la Aprobaci=F3n del EIA y el Otorgamiento del Permis |
9/6/2012 | Descubre Nuevo Sistema Minera |
8/24/2012 | Notice of Annual General Meeting |
8/24/2012 | Notificaci=F3n de Asamblea General Anual de Minera IRL Limit... |
8/13/2012 | Anuncia los Resultados Financieros para el Segundo Trimestre... |
7/18/2012 | Confirma el Estimado de Recursos de Ollachea |
7/10/2012 | y Comunidades Firman un Acuerdo de Lic |
6/22/2012 | Sr. Diego Benavides de Minera IRL COMUNIDAD DE OLLACHEA |
6/7/2012 | and Ollachea Community Sign a Thirty Year Surface Rights Agr... |
6/7/2012 | y la Comunidad de Ollachea Firman un |
5/16/2012 | Inicia Proceso de Permisos en el Proyecto Don Nicol=E1s |
5/10/2012 | Anuncia sus Resultados Financieros al Primer Trimestre del 2... |
3/30/2012 | Announces 2011 Year-End Results |
3/30/2012 | Anuncia sus Resultados Financieros del Ejercicio del a=F1o 2... |
3/5/2012 | anuncia Cierre de Oferta de Acciones Comunes por aproximadam... |
3/5/2012 | Announces Closing of Approximately C$33.1 Million Offering |
2/17/2012 | Announces Commencement of Ollachea Exploration Tunnel |
2/17/2012 | Anuncia el Inicio de la Constru |
2/14/2012 | Anuncia el Resultado Exitoso del Estudio d |
11/29/2011 | Realiza el pago de la =FAltima cuota del Contrato de Op |
8/31/2011 | El Directorio de Minera IRL Aprueba la Cons |
6/14/2011 | Announces Significant Resource Upgrade, Ollachea Project, Pe... |
6/14/2011 | Anuncia Significativo Aumento =?ISO-8859-1?Q?de_Recursos_en_... |
5/13/2011 | Anuncia los Resultados Financieros para el Primer Trimestre ... |
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