Hi Chaz,
The news is out there... financing is on the way and Kabila has the backing of seven other African states. This bodes well for Panorama... let's see what the final feasibility study says...
VANCOUVER, July 21 /CNW-PRN/ - International Panorama Resource Corp. VSE Trading Symbol: ILP OTC Bulletin Board: IPNRF
International Panorama Resource Corp. announces that Standard Corporate and Merchant Bank of South Africa, with Standard Bank London Limited (collectively ``Standard Bank'') have agreed to act as the Company's agent to arrange, on a best efforts basis, a debt and equity financing package of US$190 million for International Panorama's copper/cobalt tailings and hard rock mining project at Kakanda in the Democratic Republic of Congo (formerly Zaire).
The financing to be arranged by Standard Bank includes US$153 million in debt financing, US$27 million in limited recourse debt and an equity placementof US$10 million.
The arrangement and provision of this financing is subject to regulatory approval and, inter alia, the receipt of a full feasibility study indicating that the project delivers acceptable returns. It is the intention of Standard Bank to apply for cover under the South African export credit scheme on a portion of the financing package.
The proceeds from this financing will be used to construct International Panorama's US$240 million solvent-extraction, electro-winning (SX/EW) plant, a separate sulfuric acid production plant and related infrastructure in the Democratic Republic of Congo. The plant is being designed for an annual output of about 3,500 tonnes of cobalt cathode and 45,000 tonnes of copper cathode. Based on the pre-feasibility study, basic engineering has been initiated with a view to commissioning the plant, i.e. commence metals production, in mid-1999. The full feasibility study is expected in August 1997.
International Panorama trades on the Vancouver Stock Exchange and is quoted on the U.S. OTC Bulletin Board.
Adrian Hartmann, Chairman
Cheers,
John |
