Wednesday, 27 Apr 2011
Gindalbie Metals said that it has formally signed off on new debt funding for its Karara iron ore project in the State's Mid West.
The facilities comprise a USD 336 million increase on an existing project loan facility, together with USD 300 million in bank guarantees to provide security to underpin key rail upgrade agreements currently being finalized.
Gindalbie said a facility framework agreement, setting out the key terms and conditions of the two facilities, was signed in Beijing by directors of Karara Mining, a joint venture between Gindalbie and China's Ansteel and representatives of China Development Bank.
The signing ceremony was held in the Great Hall of the People in Beijing in the presence of Chinese premier Mr Wen Jiabao and Australian prime minister Ms Julia Gillard.
The new loans come almost one year after the original USD 1.2 billion Karara project loan facility was signed in Canberra in June last year. (sourced from TheWest)
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