Intex to raise funds for Philippines nickel project
Thursday, 24 Sep 2009
Reuters reported that Intex Resources ASA plans to raise funds for a USD 2.4 billion nickel project in the northern Philippines possibly through bank loans or a bond issue in early 2010.
Mr Erlend Grimstad president of Intex Resources said that development of the nickel project in Mindoro province, with estimated reserves of more than 2 million tonnes of the stainless steel ingredient, is likely to start in 2011. He added that "We will probably go to the market by the beginning of 2010 for the project financing."
He said that "There are various sources of financing and at this stage, I don't think it's wise for the company to rule out any opportunity. The international financing sector is picking up."
A definitive feasibility study is expected to be completed this year.
