Ollachea gold mine

Overview:

• Ollachea mine
• Minera IRL acquired the rights to mine for gold in Ollachea in Puno, South Peru in 2008.
• Minera IRL secured a $240 million syndicated loan from Peruvian state-owned bank COFIDE (Corporación Financiera de Desarrollo), $70 million of which has been dispersed, but the lender has cancelled the loan agreement.
• Minera is has begun arbitration proceedings with COFIDE to attempt to secure the remainder of the loan. 

Rani Mehta - Journalist