NEW YORK Malaga Inc. has
secured a $2-million loan from a Peruvian bank, as well as
repaired a severed hydroelectric transmission line at its Pasto
Bueno tungsten project, the company said.
The company suspended
fourth-quarter operations at its Pasto Bueno Mine after a
severed hydroelectric transmission line cut off power to the
amm.com, Nov. 9) but has since repaired the
damaged infrastructure, it said Thursday.
posted a loss of $883,000 in the third quarter (
amm.com, Nov. 15)said it will require
additional funding before it can bring the mine back
"The repair of the hydroelectric
line and the bank financing are the initial steps to get back
into operations," chief executive officer Pierre Monet said.
"Once we secure the necessary financing, we intend to restart
Montreal-based Malaga has
already received $1.5 million of the loan, which has a term of
36 months and is secured by the companys real estate in
The company has also entered into a contract to sell all copper
by-product currently at the tungsten project, it said.