Toronto-based miner Ascendant Resources has secured financing from a US government agency that helps businesses invest in emerging markets to expand its El Mochito zinc/lead/silver mine in Honduras.
The nonbinding term sheet with Overseas Private Investment Corporation (OPIC) is for a $35-million project loan, the TSX-listed company said on Wednesday, noting that it would be sufficient to cover the total financing requirements for the expansion programme, including mine development expansion, a new underground shaft, underground water pumping upgrades and mill upgrades.