Published on: 8/29/2014 12:35:12 PM Print | Font Sizes:  Normal Text Large Text

Wallbridge secures bridge loan


By: Northern Ontario Business staff

Auramet has agreed to provide Wallbridge Mining with a bridge loan to help with its startup costs for the Broken Hammer mine near Sudbury. (FILE PHOTO)
Auramet has agreed to provide Wallbridge Mining with a bridge loan to help with its startup costs for the Broken Hammer mine near Sudbury. (FILE PHOTO)

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."

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