IRC seeks refi of Russia project loan

摘要

Hong Kong-listed miner IRC is in talks to refinance a US$340m bilateral loan it obtained in 2010 to fund an iron ore mining project in Russia, according to stock exchange filings. The company has obtained waivers from Industrial & Commercial Bank of China for certain covenant breaches on the 11-year project financing loan signed in December 2010. IRC's wholly owned subsidiary and main cash-generating Unit KIMKANO-SUTARSKY MINING & beneFiciation plant (K&S) is the borrower.