Marcobre Gets $145 Mln Funding for Peruvian Marcona Mine

Peru-based mining company Marcobre SAC has got a $145 mln (99.2 mln euro) funding to develop its copper project Mina Justa in Marcona, in the southern region of Ica, the Peruvian Foreign Affairs Ministry said on November 16, 2007.

The financial institutions to support the project are the agency Export Development Canada, Korean Eximbank and German KfW IPEX-Bank.

Marcobre is 70 pct controlled by Canadian miner Chariot Resources Ltd (www.chariotresources.com). The remained is owned by South Korean state-run Korea Resources Corporation (KORES) and South Korea's copper producer LS-Nikko Copper Inc, previously known as LG-Nikko Copper Inc.

Marcobre seeks to consolidate its position of a medium-sized copper producer.

Peruvian mining exports totalled $12.1 bln (8.275 bln euro) in January to September 2007, up 16.5 pct year-on-year. Copper exports alone rose by 18 pct, according to latest data of Peru's export and tourism promotion commission Promperu.

Publication: Business Digest
Provider: AII Data Processing Ltd.
Date: November 20, 2007

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