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
Libertys 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.