Minera Tres Valles misses interest payments to senior secured lenders

Chicago, March 31 – Minera Tres Valles missed the interest payments due on March 31 to its senior secured lenders, according to a press release.

Certain loan principal repayments in 2022 have been deferred, pursuant to an agreement between the parent company and the lenders on Nov. 21, 2021.

The parent company and MTV are in negotiations with the lenders to find a longer-term solution to the financing requirements of MTV.

If approvals from the respective parties are not obtained and longer-term funding is not provided, it is expected that MTV will not have sufficient funds to operate beyond April.

As a result of the current financial situation, certain defaults of the senior secured debt facility have occurred and are continuing.

While the lenders have not provided a notice thereof to MTV, they have expressly reserved their rights.

The parent and MTV “continue to preserve their cash resources during negotiations with the lenders and other creditors and thank all stakeholders for their continued support and patience,” the press release stated.

The borrower is a 95.1% indirectly owned subsidiary of Three Valley Copper Corp. which was previously called Sprott Resource Holdings Inc. Three Valley is based out of Toronto. Minera Tres Valles is an operating mining complex located 300 kilometers northeast of Santiago, Chile in Region IV near the town of Salamanca.

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