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Karara Mining Receives Loan for Iron Ore Project

Australia-based Gindalbie Metals' joint venture Karara Mining has secured a loan of $336m for the next phase of the Karara iron ore project in Western Australia.
The loan was provided by a Chinese banking syndicate, led by China Development Bank and Bank of China, which earlier provided a $1.2bn project loan facility.
The firm has also received $300m in bank guarantees from the China Development Bank.
Gindalbie's managing director Tim Netscher said the increased project loan facility will support the previously announced $430m working capital requirements for the Karara project, for which Gindalbie raised equity contribution funds last year.
"The $300 million bank guarantee facility is being put in place to support the upgrade of rail infrastructure between Morawa and Geraldton Port by the line's owner WestNet Rail," Netscher said.

Source:mining-technology




2011-4-29

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