Liberty Mines, a Toronto-based mid-tier nickel miner, announced Dec. 31 it was extending the maturity date for two loan and restructuring agreements signed with Jien International Investment Ltd. to March 14, 2014.
"We are very pleased with Jien's continued support and commitment to Liberty," said Chris Stewart, president and CEO of Liberty Mines, in a statement. "Extending the terms of our financing agreements is an important step towards ensuring our long-term viability, particularly with the recovery of nickel prices expected in the near term."
Liberty owns and operates a nickel concentrator in the Shaw Dome, a prospective nickel belt region near Timmins. The company has undertaken an aggressive exploration program on its properties in the area.
The loan agreement was signed in June 2011, and provided Liberty a fully-drawn term loan of $28.9 million and a fully-drawn revolving loan for $20 million. The original maturity date was December 31, 2012.
Jien International Investment is a subsidiary of Jilin Jien Nickel Industry which was the first listed company in China's nickel industry.