MAC/20: Mines and Communities

Monterrico launches 80 mln usd private fund proposal for Rio Blanco communities

Published by MAC on 2007-08-23

Monterrico launches 80 mln usd private fund proposal for Rio Blanco communities

Thomson Financial

23rd August 2007

LONDON - Monterrico Metals PLC said it has launched an 80 mln usd private fund proposal for communities within the area of influence of its Rio Blanco project in Peru.

The company said the funds will be met from a combination of seed funding from Monterrico and from a share of the profits of the mining operation. Monterrico has entered into a loan facility for up to 6 mln usd with Xiamen Zijin Tongguan Investment Development Co Ltd, the majority shareholder of the company, to meet the initial financial requirements for these funds. The additional finance will be met from shareholder loans, other forms of financing, and profits from the mining operation, the company added.

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