Metals X secures funding to repay debt
Mining News Pro - Metals X has entered into a A$26-million unsecured loan facility with Asia Cheer Trading, a subsidiary of shareholder APAC Resources Strategic Holdings.

Metals X said on Tuesday that the close-out of existing hedging contracts has been finalised, and the company was expecting the pay-out of the Citibank facility, which is some a$30.5-million plus accrued interest, to occur within the next week.

The new loan will mature at the end of January next year.

Metals X recently announced plans to divest of its entire copper asset portfolio, including the Nifty and Maroochydore copper projects, and the Paterson exploration project after the company was unable to secure funding to progress the restart of the Nifty project.

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