Anaconda Gets Loan From Swiss Trader
The Age
Thursday July 13, 1995
Giant Swiss-based commodity trader Glencore International has thrown its weight behind Anaconda Nickel NL's Murrin Murrin nickel and cobalt project in Western Australia.
Anaconda said yesterday that Glencore would provide it with an unsecured loan of up to $5 million to meet costs associated with the Murrin Murrin feasibility study.
The loan could be increased to $6.8 million and extended by a further 12 months.
Anaconda said the loan would allow it to complete the feasibility study without having to dilute shareholders' equity in the potentially big project.
It said it would also explore with Glencore the opportunities for developing a ``strategic alliance" for the marketing of Murrin Murrin's nickel and cobalt.
In other mining news, Perilya Mines NL's exploration program at the old Mount Morgan gold and copper mine in Queensland continues to provide encouragement to the notion that it will have a second life.
Perilya reported yesterday that drilling at Mount Morgan had intersected broad mineralisation at depth. Best results included 30.1 metres averaging 2.76 per cent copper and 0.82 grams of gold a tonne from a depth of 356.9 metres.
Meanwhile, Laverton Gold NL announced it had discovered what it said were substantial gold deposits at its Rawas gold project in Indonesia, already rated as a 300,000-ounce find.
© 1995 The Age
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