Wallbridge Mining Company Ltd. has secured additional funding to help start up its Broken Hammer nickel-copper-PGM mine near Sudbury.
Auramet is
providing Wallbridge with US$1.5 million in the form of a bridge loan, will
bridge the period until sufficient revenue is received to achieve payback of
the costs required to bring Broken Hammer into production and realize its
revenue potential.
To date,
concentrate with a net payable metal value of approximately US$1.3 million (at
current metal prices) has already been shipped to smelters for final
processing. Payment will be received in the coming months as provided for under
the smelting agreements.
"This loan will allow Wallbridge to comfortably meet its working capital requirements during a critical phase of Wallbridge's Broken Hammer production efforts,” Marz Kord, Wallbridge’s president and CEO, said in a statement. “We are encouraged by Auramet's continued and strong commitment to Wallbridge and the Broken Hammer project as evidenced by its purchase agreement and now through Auramet's financing support."
