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China Nonferrous secures US$120M loan from shareholder for debt refinancing

China NonferrousGold Ltd. said May 6 that it secured a US$120 million loan from its38.36% shareholder, China NonferrousMetals International Mining Co. Ltd., to refinance a previousloan and thus lower the cost of servicing the debt.

The funds will be used to refinance the loan facility with Industrialand Commercial Bank of China (Macau) Ltd., under which the company has drawn US$115million to date, and for working capital.

The loan is repayable Dec. 31, 2018, and includes an annual fixedinterest rate of 4% on the amount drawn down, payable half yearly in arrears.

The loan will be secured over the company's 100% equity interestin Kryso Resources Ltd.,which indirectly holds the Pakrutgold project in Tajikistan, where first gold was poured in early January.