Trevali Mining Corporation. (TSX:TV) announced entering into a US$20 million working capital facility to cover short-term capital and cash management at its Santander mine. The Company entered into the facility with its development partner Glencore International A.G. Trevali also announced entering into an off-take agreement with Glencore.

As quoted in the press release:

The secured working capital facility is payable over a 4-year period following commercial production at the Santander Mill and bears an interest rate of LIBOR +5%. It may be pre-paid at any stage without penalty. The working capital facility has been provided by way of a first addendum to the Company’s Framework Agreement for the Development and Operation of the Santander Project.

Trevali President and CEO, Dr.Mark Cruise, commented:

Through this ongoing support from Glencore, one of our largest shareholders and Santander Mine development partner, we are pleased to establish this working capital facility as our Santander operation approaches production; and additionally to expand our business relationship and further de-risk and streamline our New Brunswick development plans.

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