IIC Approves Loan of US$5.7 Million for Mining Operation in Mexico
Loan proceeds to finance mining of sodium sulfate for domestic and international distribution
Washington, D.C., October 3, 2013 — The Inter-American Investment Corporation (IIC) has approved a loan of up to US$5.7 million to Somin Compañía Minera de Sonora S.A.P.I. de C.V. for sodium sulfate mining and processing at a site near Bacadéhuachi in northern Mexico.
The mineral will be processed in a plant to be built as part of the project in the municipality of San Miguel de Horcasitas, some 270 km from the mine.
Rodney McCann, president of Somin, noted that, "This long-term financing from the IIC will help Somin realize a project that will not only be to the benefit of Somin's customers, but will also support the development of the local communities and contribute to the Mexican economy by bringing direct and indirect employment."
“The IIC funding will support the mining sector and have a real impact, attracting greater economic activity to the communities surrounding the mine and processing plant,” noted Rodrigo Navas, IIC lead investment officer in charge of the operation. “The project will be an important source of direct and indirect jobs in mining, processing, and other activities related to project operations.”
One of the main uses of sodium sulfate is in the manufacture of powdered laundry detergent.
About the IIC
The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees. In 2012, the IIC approved 73 operations totaling US$378.9 million. Throughout our history, we have approved nearly 800 direct loans to SMEs and financial intermediaries, for a total of US$4.8 billion. An additional US$2.8 billion has been mobilized through cofinancing and syndication agreements. For more information on IIC activities, visit www.iic.org.
Contact: Rodrigo Navas
Telephone: +1(202) 623-3926