Fallout from Rio Algom’s decision to default on a $155-limited non- recourse loan to build its East Kemptville tin mine in Nova Scotia is being felt elsewhere in the world.
In November Rio handed over the mine to the banking consortium, led by BankAmerica, a year after tin prices collapsed. Within weeks, a Spanish company 49% owned by Rio’s parent company, Rio Tinto Zinc, told bankers it could not meet repayments on loans associated with the Huelva copper mine.
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