ZincOx in talks with bondholders over debt deal on Jabali mine
18 November 2009
ZincOx Resources has signed a two-week standstill agreement with the bondholders of its 52%-owned Jabal Salab operation, which is behind the development of the Jabali mine in Yemen.
In early October, ZincOx breached the terms of a $120 million bond that is being used to part-fund the project because of a delay in progressing the mine’s construction. The problems threaten to de-rail the entire project unless the company can reassure its backers that the mine will open on time.
The standstill deal was signed yesterday and will now see both sides spending the next two weeks trying to hammer out an agreement over the facility.
In February this year, ZincOx and its Yemeni partner Ansan Wikfs Investments set up the bond in order to push ahead with construction at Jabali. As part of the deal, an independent surveyor was instructed to report on progress – including making sure the mine was producing at 63% capacity by mid-August 2010. That target is now reckoned to be two to three months behind schedule.
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