Minera IRL strikes $80m deal to source Argentinian gold mine

Michael Bow
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LATIN American miner Minera IRL yesterday said it had secured $80m (£51m) to finance an Argentinian gold mining project.

The Don Nicolas Project, as it is known, will be funded and developed by Compania Inversora en Minas (CIMINAS), a group of private Argentinian investors.

In return for a $45m investment, the group will keep a 45 per cent stake in the project.

CIMINAS will also provide a $35m bridging loan to help develop the project. Minera IRL, which is listed on the alternative investment market, will retain a 51 per cent stake in the mine. The dealmakers will get a four per cent stake. Production will start in 2014.