Loan default costs Zaruma Mexico unit

Dec 30, 2008 | 11:09 AM | Anne Riley

Junior miner Zaruma Resources Inc., Toronto, has lost control of the shares in wholly owned Mexican subsidiary Minerales Libertad SA de CV after defaulting on a $23.5-million loan from a unit of Glencore International AG, Zug, Switzerland.

The loan, financed by Glencore's Empresa Minerales Los Quenuales SA, was granted in October 2007 for the development of the Luz del Cobre copper project in Sonora, Mexico, and became immediately payable this fall when the company found itself no longer able to pay its debts.....

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