Canada's Tiberon hires banks to raise $100 million debt financing for Vietnam project

By Reshmi Basu

New York, Aug. 24 - Tiberon Minerals Ltd. mandated Fortis Bank and WestLB to structure and arrange a $100 million term loan to finance its Nui Phao tungsten-fluorspar project in Vietnam.

The funding is based on the pre-feasibility study estimate of the 70% debt and 30% equity financing for project development.

The company said the project financing will be finalized after the completion of the bankable feasibility study in the second quarter of 2005.

The Nui Phao deposit is located about 80 kilometers northwest of Hanoi in Thai Nguyen province and is one of the largest tungsten-fluorspar deposits outside China. According to the company website, the project will bring in $75 million annually.

Toronto-based Tiberon owns a 77.5% interest in the Nui Phao Joint Venture Mining Company Ltd.

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