Western Desert secures last funding for Roper Bar project
PERTH (miningweekly.com) – Iron-ore developer Western Desert Resources has secured the final piece of funding needed for the development of its A$200-million Roper Bar iron-ore mine, in the Northern Territory.
The ASX-listed company told shareholders on Friday that it had signed an agreement with Macquarie Bank, which would provide all the remaining debt finance for the mine.
The Macquarie Bank facility followed the recent signing of an offtake agreement with Noble Resources, which would see the project supply some three-million tonnes a year of direct shipping ore (DSO) to Noble over a five-year period.
The Noble agreement included the provision of a revolving credit facility for working capital.
Western Desert chairperson Rick Allert noted that acceptance of the debt facility from Macquarie would finance the completion of the Stage 1 DSO operation at Roper Bar.
“This debt finance agreement with Macquarie Bank is a vital step in our drive to become a new Australian iron-ore exporter in 2013. We have been pleased with the interest and support shown for our project from the major banks in Australia, which has led to this important outcome,” he added.
MD Norm Gardner noted that the Macquarie facility, along with the Noble facility, meant that the company was fully funded for all of its requirements.
“We expect the first shipment of our product in less than 90 days. Importantly, we also remain on budget for completion of construction,” he said.
The Roper Bar project initially involves the construction of an openpit operation with 1.5-million tonnes a year of capacity, later increasing to three-million tonnes a year by the third year of operation.
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