Canadian Miner gets funding

CANADIAN MINER MBMI Resources, Inc. has secured a $200,000 loan from a European bank to fund its nickel exploration projects in southern Luzon and eastern Visayas.

The amount, which bears an annual interest rate of 10%, is the third and final tranche of the total $3-million loan from Global Capital Corp., the miner told the Canadian bourse on Monday.

"The net proceeds of the loans will be used for exploration and development of MBMI’s Philippine nickel mineral properties, and for general corporate purposes," David G. Tafel, MBMI Resources vice-president for corporate development, said.

The miner got a total of $2.8 million from the bank last month and early this month. MBMI Resources is exploring four nickel mines in Palawan, four in Samar, and one in Dinagat Island in Surigao del Norte. MBMI Resources and its local partners control nickel laterite projects covering about 22,000 hectares.

The miner wants to become a major supplier of high-grade nickel to industrial consumers in Asia, particularly in China and India. (Business World)

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