European Nickel Release re Financing Update
17 Mayo 2010 - 4:09AM
UK Regulatory
TIDMRMLA
RNS Number : 0269M
Rusina Mining NL
17 May 2010
Monday 17th May, 2010
Rusina Mining NL
("Rusina" or the "Company")
European Nickel Release re Financing Update
Please find below a release from Rusina's proposed merger partner, European
Nickel PLC (AIM, PLUS: ENK), providing an update on the financing status for the
Çaldag project in Turkey.
For further information, please contact:
Mark Hanlon Rusina Mining Tel: +61 8 9226
1111
Roland Cornish Beaumont Cornish Tel: +44 (0) 207 628
3396
"Western Banks to Lead Çaldag Project Financing
17 May 2010 - London: European Nickel PLC ("European Nickel" or the "Company")
(AIM, PLUS: ENK) is pleased to announce that it has selected Western Bank
project financing as its preferred funding route for its Çaldagnickel laterite
project in Turkey.
In conjunction with Endeavour Financial Corporation, the Company's debt
advisers, European Nickel has negotiated an indicative term sheet with Initial
Mandated Lead Arrangers for the Çaldag project financing and will make a further
announcement once a mandate letter has been signed. Following the completion of
the mandate letter and agreement of the term sheet, further banks will be
invited to join the bank club.
There remains an opportunity for the Chinese bank to participate in the funding
of Çaldag as part of the financing group.
The offtake agreement with Jiangxi Rare Earth and Rare Metals Tungsten Group
Company Limited ("JXTC") has expired today and European Nickel is now
negotiating a new offtake agreement with a number of interested parties,
including JXTC. The Çaldag mixed hydroxide product (averaging 30% nickel) is a
high quality intermediate product suitable for a number of refineries and
smelters around the world.
Simon Purkiss, Managing Director, said "Whilst we worked hard to deliver the
Chinese project finance, we could not go on indefinitely without a clear sign of
commitment from the Chinese parties before our extension deadline. We believe
the Western Banks have demonstrated their level of interest in the project by
negotiating an indicative term sheet and feel it is now appropriate to pursue
Western Bank project financing. The next step will be to sign a mandate
letter."
For more information, please visit www.enickel.co.uk or contact:
Simon Purkiss or Andrew Lindsay, European Nickel Tel: 020 7290
3130
Ryan Gaffney or Tarica Mpinga, Canaccord Genuity Tel: 020 7050
6500
Alex Buck, BuckBias
Tel: 07932 740 452"
This information is provided by RNS
The company news service from the London Stock Exchange
END
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