Western Desert moves closer to Roper Bar finance
PERTH (miningweekly.com) – ASX-listed Western Desert has secured a A$30-million interim funding facility from Macquarie Bank to fund the development of its Roper Bar iron-ore project, in the Northern Territory.
The company told shareholders that its project finance adviser, the Commonwealth Bank of Australia, has targeted settlement of the project financing facility before the end of the current financial year.
However, this could be deferred into the early part of the first quarter of the new financial year.
Meanwhile, the company said that the development costs of the project remained within budget, with nearly 50% of all mine and development work completed to date.
“Since starting the project works just prior to Christmas 2012, all of our contractors have made excellent headway and should be proud of activity to date,” said MD Norm Gardner.
“We have made excellent progress during the wet season on the haul road and as such expect that the start now of the dry season will allow us to continue to make rapid and certain progress towards export.”
The Roper Bar project would initially involve the construction of an openpit operation with 1.5-million tons a year of capacity, later increasing to three-million tons a year by the third year of operation.
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