Hong Kong-Based CEF Loans $30M to Duluth Metals

By KBJR News 1

Credit: Twin Metals Minnesota

Hong Kong-Based CEF Loans $30M to Duluth Metals

April 3, 2013 Updated Apr 3, 2013 at 5:20 PM CDT

Duluth, MN (NNCNOW.com) - A major financing company based out of Hong Kong is helping finance Duluth Metals for its share of costs for mining copper-nickel in the Duluth Complex.

CEF Metals, owned by the 8th richest man in the world, lent Duluth Metals $30 million that will be used to fund certain development expenses of the entire Twin Metals Minnesota Project.

Duluth Metals is in the process of acquiring, exploring and developing metal deposits within the 40,000 acre "Duluth Complex", which hosts one of the world's largest undeveloped repositories of copper nickel.

Canadian-based Antofagasta lent Duluth Metals $195 million in 2010 to pay for development costs.

Kevin Jacobsen
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