Metorex Seeks Loans to Dig Congo Copper Mine Next Quarter
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Metorex Ltd., planning to invest as much as $150 million to build a copper project in the Democratic Republic of Congo, is negotiating loans to help fund the mine as rising prices spur producers to expand.
Management may seek board approval for the Kinsenda project at the end of April and start digging the mine soon after, Chief Executive Officer Terence Goodlace said today by mobile phone. The CEO is in talks on a $66 million loan to replace existing debt facilities expiring in 2013, he said.