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NORD SUBSIDIARY RECEIVES INITIAL FUNDING OF LOANS FROM CONSORTIUM OF INTERNATIONAL DEVELOPMENT BANKS

 DAYTON, Ohio, Dec. 29 /PRNewswire/ -- Nord Resources Corporation (NYSE: NRD) announced today that its wholly owned subsidiary, Sierra Rutile Limited ("SRL"), has completed its financing arrangements and expects to receive prior to Dec. 31, 1992, the initial funding of $21,220,000 from the International Finance Corporation ("IFC"), a member of the World Bank Group, Commonwealth Development Corporation ("CDC"), the development bank of the Government of the United Kingdom and DEG -- Deutsche Investitions und Entwicklungsgesellschaft mbH ("DEG"), the development bank of the Federal Republic of Germany. As previously announced, IFC, CDC and DEG, together with the Overseas Private Investment Corporation, an agency of the United States of America, have agreed to provide financing to SRL in the aggregate amount of $48 million. Funding of the balance of $26,780,000 under the development loans will take place as required by SRL.
 As previously announced, Nord has agreed to sell a 20 percent interest in its Kaolin operations in Georgia to Kemira Oy of Helsinki, Finland, for $10 million in cash and materials. Kemira would have the option to purchase an additional 31 percent of the Kaolin operations over a period of four years for a minimum of $23 million increasing to $36 million over the term of the option. The closing is subject to execution of the definitive agreement between the parties and receipt of certain consents, with an anticipated closing during January 1993.
 Nord Resources Corporation is a major producer of rutile (a premium titanium dioxide mineral) and kaolin, and holds a significant interest in Nord Pacific Limited (NASDAQ: NORPF), a company engaged in the exploration for and development of precious, strategic and base metals.
 -0- 12/29/92
 /CONTACT: Terence H. Lang, senior vice president-finance, or Susan Shahan, director of shareholder relations, both of Nord Resources Corporation, 513-433-6307/
 (NRD)


CO: Nord Resources Corporation; Sierra Rutile Limited ST: Ohio IN: MNG SU: FNC

KK -- CL001 -- 0253 12/29/92 08:27 EST
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Publication:PR Newswire
Date:Dec 29, 1992
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