Alba Mineral taps directors for loan

22nd Dec 2009 09:34

Mining company Alba Mineral Resources has given up seven of the eight nickel mine licences it holds in Sweden. It is retaining the Kälen licence in Västerbotten, but intends to let this expire when it runs out in January 2010.The cash-strapped company has secured various loan facilities of £100,000 from directors and other parties to cover current working capital requirements. The facilities carry a fixed rate of interest of 15% per annum and will remain available to draw upon until the end of June 2011, when all the loans become due.In the meantime, the company continues to seek additional funding to enable it to exploit its remaining licences in Ireland, Scotland and Mauretania.