October 7, 2020
Peruvian mining company Minera IRL said Tuesday that it has agreed to discuss how it can pay off debt receive an arbitration award with the local development bank Cofide.
IRL took out a two-year, $70 million bridge loan from Cofide to finance the Ollachea gold mine in June 2015. Cofide pulled the financing in March 2017, but IRL won a $34.2 million arbitration award in September last year after alleging that the development bank did not help it secure long-term financing for the project.
Peruvian miner needs to settle a $70 mln bridge loan before it can put long-term financing in place for the Ollachea gold project