https://www.miningweekly.com

Arrium iron-ore mines get A$49m loan for machinery

22nd July 2016

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

  

Font size: - +

JOHANNESBURG (miningweekly.com) – The Australian government will provide a loan to collapsed South Australian company Arrium to support its iron-ore business and give its cash flow a boost.

Prime Minister Malcolm Turnbull on Friday confirmed that the Export Finance and Insurance Corporation would provide a A$49.2-million loan, which was first announced during his election campaign. The loan would be used for new machinery at the Iron Knob and Iron Baron mines, in South Australia.

The investment would enable the OneWhyalla business to process iron-ore to export quality and was expected to boost Arrium’s cash flow by more than $200-million over the next five years, Turnbull said.

Arrium entered into business administration earlier this year after a $927-million recapitalisation plan was rejected.

Administrator KordaMentha is now mulling the future of Arrium’s mines and businesses. The recapitalisation and sale of the group will be largely complete by the end of the year.

Edited by Creamer Media Reporter

Comments

Showroom

Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.

VISIT SHOWROOM 
Aqs image
AQS Liquid Transfer

AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.284 0.331s - 88pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: