Bond deal lets Inca One ramp up in Peru

VANCOUVER – A creative debt package is giving Inca One Resources (TSXV: IO) the $5.5 million it needs to expand Chala, the gold mill in Peru where the company processes ore from artisanal miners.

VANCOUVER – A creative debt package is giving Inca One Resources (TSXV: IO) the $5.5 million it needs to expand Chala, the gold mill in Peru where the company processes ore from artisanal miners.

Inca One and its Chala mill are at the forefront of a shift within Peru’s small scale gold scene. Artisanal miners have long mined gold in Peru’s hills but the precious metal trade was highly informal. Trucks and backpacks full of gold bearing dirt would leave the country for processing elsewhere; of the ore processed domestically much went to small, inefficient and unofficial mills. The system deprived Peru of major royalty and tax revenues and limited miners’ returns.

To address this the Peruvian government is working to formalize its gold sector. Small scale miners are now required to register and take their ores to permitted mill facilities.

That’s where Vancouver-based Inca One fits into the picture. …

Read the complete story at NorthernMiner.com/news/bond-deal

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