Fitch: Iberian unchanged

Fitch Ratings said that Iberian Minerals Corp.'s B long-term issuer default rating with a stable outlook is unaffected by the issuer not proceeding with the planned $200 million bond issuance.

The expected rating assigned to the planned $200 million bond also was withdrawn.

Fitch said it considers Iberian's liquidity position as adequate following the company's successful refinancing of its existing revolving credit facility through finalizing a new $100 million revolver at the end of September.

The agency noted that the planned mine expansion in Spain will be largely dependent on Iberian securing adequate finance to fund the expansion of output at the Aguas Tenidas mine to 4.4mtpa by early 2015, with significant capital expenditure planned for 2013.

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