Minera IRL: COFIDE Revokes Loan Mandate Due to a Shift in Strategy
LIMA, PERU--(Marketwired - March 10, 2017) - Minera IRL Limited ("Minera IRL" or the "Company") (BVLAC:MIRL)(CSE:MIRL)(CSE:MIRL.CN) announces that Corporacion Financiera de Desarrollo of Peru ("COFIDE") has advised that it has revoked the mandate to exclusively structure the senior debt to a maximum of US$240 million for the development of the Ollachea gold project in Puno, Peru.
COFIDE has changed its strategy to focus on financing small and medium industry ("Mypes").
The Peruvian Government announced on March 9, 2017 an Economic Impulse Plan that will prioritize the credit for the Mypes through COFIDE, among other measures to boost the Peruvian economy.
The Company is assessing its options to finance the development of the Ollachea Project and has been developing an optimized plan to enhance shareholder value.
Diego Benavides, CEO and Director, of Minera IRL said, "We are confident of being able to obtain the necessary investment to develop Ollachea on shareholder-friendly terms. We anticipate being able to bring news of further developments to the market in the near future."