Partner pulls out of IMC project deal

Friday, 31 October, 2008 - 13:42
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West Perth-based Industrial Minerals Corporation Ltd will explore funding arrangements for the development of its $67 million US project after its joint venture partner pulled out.

The company had in place a staged funding arrangement with Neimcor Africa Pty Ltd for the Oregon heavy minerals project, but current economic conditions and a fall in the price of chrome proved to be a difficult mix for the latter to secure the neccessary funds.

Neimcor was to subscribe for a total of $22.5 million through convertible notes.

IMC said it has recommenced discussions with advisers to assist with securing a minimum of $US45 million ($A67 million) for the construction and development of the processing facilities for the Oregon Heavy Minerals Project.

 

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