Australia-based mining company IMX Resources has terminated the Linq Resources revolving line of credit following the full repayment of the due loan in December 2012.
The credit line was due for closure on 30 May 2013 but given the settlement of the loan in advance, the company decided to terminate the facility.
IMX noted that the early repayment reflects its strong positive cash flow driven by iron ore sales from the Cairn Hill Iron Ore Mine over the previous year.
Significant operating costs reduction as well as improvement in iron ore prices in the last two quarters had also contributed to the early closure of the loan.
IMX Resources managing director Neil Meadows remarked that following the closure of the loan, the company’s Termite joint venture with Taifeng Yuanchuang International, was now debt free.
"IMX and Taifeng enjoy a very positive and constructive joint venture partnership and we are both keen to see the proceeds of our hard work and success at Cairn Hill flow into creating even bigger opportunities for growth, particularly in our Tanzanian projects," added Meadows.