Tin producer Metals X Ltd <MLX.AX> said on Tuesday it has secured a A$26 million ($18.6 million) loan from its top shareholder to pay back a facility from Citibank.
The loan from a unit of APAC Resources <1104.HK> will be used to repay Citibank's A$30.5 million facility plus interest.
Last week, the New York-based bank had accepted the Perth-based miner's proposal to resolve two financial covenant breaches.
The tin miner and APAC had been embroiled in a dispute that impeded Metals X's ability to repay debt and drove it to put its copper portfolio up for sale.
APAC's loan till Jan. 31, 2021 comes with a 3.5% fee and is at 1% interest per year.
($1 = 1.3980 Australian dollars)
(Reporting by Arpit Nayak in Bengaluru, additional reporting by Nikhil Kurian Nainan; Editing by Kim Coghill)
