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Liberty extends loan agreements

Keywords: Tags  Liberty, nickel, Jien, Timmins, Chris Stewart, Ontario, loan agreements, Thorsten Schier


NEW YORK — Junior nickel miner Liberty Mines Inc. has extended the maturity date of two loan agreements with Ottawa, Ontario-based Jien International Investment Ltd. to March 14, 2014.

"Extending the terms of our financing agreements is an important step towards ensuring our long-term viability, particularly with the recovery of nickel prices expected in the near term," Liberty president and chief executive officer Chris Stewart said in a statement.

The agreements, a fully drawn term loan of Canadian $28.9 million ($29 million) and a fully drawn revolving loan in the principal amount of C$20 million ($20.1 million), originally were due Dec. 31, 2012.

Both companies said in mid-August that they were in negotiations to restructure Liberty’s debt after it put its Timmins nickel mine in Ontario on care and maintenance due to low nickel prices ( amm.com, Aug. 14).

Toronto-based Liberty recorded a net loss of C$8.46 million in the third quarter, when cash costs at Timmins stood at C$8.02 per pound.

Three-month nickel settled at $17,160 per tonne ($7.78 per pound) in official trading Monday on the London Metal Exchange.


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