Taseko Mines planning to refinance loan due May 2016 with new debt

By Angela McDaniels

Tacoma, Wash., Nov. 11 – Taseko Mines Ltd. plans to replace a loan with “less expensive, longer-term debt,” president and chief executive officer Russell Hallbauer said in the company’s third-quarter earnings release.

The company continues “to pursue a number of options” to address the senior secured loan due May 31, 2016 from RK Mine Finance Trust I. The loan was assumed when Taseko Mines acquired Curis Resources Ltd. in 2014.

The total loan balance, including accrued interest, was $27.8 million as of Dec. 31, 2014, and interest is being capitalized quarterly at a rate of 11% per year, according to a 6-K filing with the Securities and Exchange Commission.

The loan can be prepaid at any time without penalty.

Taseko is a mineral and metals exploration and production company based in Vancouver, B.C.

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