Business
Altaley Mining Provides Update on Lender, Accendo Banco
Vancouver, British Columbia--(Newsfile Corp. - September 30, 2021) - ltaley Mining Corporatio...
About this update from Luca Mining Corp
[{"type":"text","content":"Altaley Mining Provides Update on Lender, Accendo BancoVancouver, British Columbia--(Newsfile Corp. - September 30, 2021) - ltaley Mining Corporation (TSXV: ATLY) (OTCQX: ATLYF) (FSE: TSGA) (\"Altaley\" or the \"Company\") provides insight with respect to status of one of its lenders, Accendo Banco.The Company has learned that the Mexican National Banking and Securities Commission (CNBV) notified Accendo Banco, S.A. (Accendo Banco) of the revocation of its authorization to organize and operate as a multiple banking institution due to below the regulatory minimum levels of liquidity coverage ratio of the institution. Mill ConstructionTo view an enhanced version of this graphic, please visit:https://orders.newsfilecorp.com/files/7883/98136_22a54677a431fa19_001full.jpg.Altaley has a US $12 million loan facility in place with Accendo Banco and has drawn partial funding under the loan facility. This loan funding was part of a larger funding package totaling US $25 million as previously announced, February 23, 2021. Funds raised through this larger funding package have been, and are being, used to repay debt to Nyrstar Canada (Holdings) Ltd, fund construction of the Company's Tahuehueto Gold mine Project and provide working capital to the Company.Flotation and Filtration CircuitsTo view an enhanced version of this graphic, please visit:https://orders.newsfilecorp.com/files/7883/98136_22a54677a431fa19_002full.jpg.To date, construction progress at Tahuehueto has advanced to an estimated 80% of completion. Remaining capital expenditures required to complete construction are estimated to be approximately US $6.7 million plus start-up operating capital. To view additional images of the progress at Tahuehueto visit our website <here>.Altaley currently, on a consolidated basis, has approximately US$9.5 million of cash held in banking institutions, of which US$6.5 million is unrestricted cash immediately available for operations. Altaley's Campo Morado mine is cash flow positive with a 2021 six month mine operating profit of C$14.2 million and total income of C$11.4 million up to June 30, 2021.Construction of Tahuehueto has been proceeding on time and on budget and management expects that any shortfalls in operating or construction capital for Tahuehueto caused by the Accendo Banco situation, can be realized through alternativ...