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Robert Friedland said that the interim loan provides assurance that Ivanhoe will continue to advance its exploration and development activities uninterrupted and on current accelerated timetables.
Ivanhoe Mines (TSX:IVN) announced today (August 9) that CITIC (HKEX:0267) has provided Ivanhoe Mines with an interim loan of US$100 million in accordance with a term loan facility that is an integral part of the long-term strategic cooperation and investment agreement between Ivanhoe and CITIC announced on June 11, 2018.
Ivanhoe Executive Chairman Robert Friedland said that the interim loan provides assurance that Ivanhoe will continue to advance its exploration and development activities uninterrupted and on current accelerated timetables.
As quoted in the press release:
The interim funds have an annual interest rate of 6 percent and will be repaid from the proceeds of the C$723 million strategic investment by CITIC…having drawn the US$100 million facility, Ivanhoe Mines has a working capital of approximately US$165 million.
Click here to read the full Ivanhoe Mines (TSX:IVN) press release.