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Minera IRL secures protection order following lapse of US$70M bridge loan

Minera IRL Ltd. said June 6 that it obtained an order from the Superior Court of Justice of Lima to protect the company and its assets from proceedings related to the lapse of a US$70 million bridge loan from Corporación Financiera de Desarrollo SA, or COFIDE.

The bridge loan formed part of a structuring mandate for a senior debt facility of up to US$240 million.

In March, COFIDE revoked the mandate to exclusively structure the senior debt facility, which was earmarked for the development of the miner's preproduction-stage Ollachea gold property in Peru.

Minera IRL has requested a meeting with the COFIDE board aiming to extend the loan's payment term, which it expects to result in a new restructuring plan with banks and investment funds.