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Amex advances Mba Delta

Amex advances Mba Delta

Photo by Bloomberg

8th January 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Iron-ore developer Amex Resources this week stated that it had drawn down the first $20-million of a short-term loan facility to advance payment on its $100-million lump sum procurement, construction and management contract for its Mba Delta iron sands project, in Fiji.

During December last year, Amex secured $105-million in funding from two sources to fund the construction of the Mba Delta project.

The first short-term loan facility was for $25-million, while a further $80-million funding was secured from a major Chinese State-owned entity.

Construction work on the Mba Delta project was expected to start in February.

The project currently has an indicated mineral resource of 220-million tonnes, grading 10.9% iron.

A 2012 bankable feasibility study predicted that the project would comprise a 12-million-tonne-a-year dredging operation combined with a floating concentration plant to recover magnetite iron sands with a high vanadium content.

The project would have a 20-year mine life.

Edited by Creamer Media Reporter

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