Minera IRL acquired the rights to mine for gold in Ollachea in Puno, South Peru in 2008.
Minera IRL secured a $240 million syndicated loan from Peruvian state-owned bank COFIDE (Corporación Financiera de Desarrollo), $70 million of which has been dispersed, but the lender has cancelled the loan agreement.
Minera is has begun arbitration proceedings with COFIDE to attempt to secure the remainder of the loan.