CUDECO GETS $70M BOOST

CUDECO GETS $70M BOOST

GOLD Coast-based copper miner CuDeco has cleared final hurdles to secure about $70 million ($US65 million) from a Chinese bank to continue development of its Rocklands mine in north-west Queensland.

In a bonus for the company, China Minsheng Banking Corporation also has agreed to increase its credit facility to $US100 million if the company’s Cloncurry rail and Townsville port facilities need extra funding.

CuDeco had previously said it would look to alternative funding channels, or a possible joint venture, to secure the extra needed for the rail and port works.

CuDeco has 100 per cent ownership of the port facility for which it obtained development approval earlier this year.

The company, headed by Wayne McCrae (pictured), says it will be signing documents for the credit facility in Beijing today.

China Minsheng Banking Corporation is among a raft of Chinese backers staking their faith in CuDeco’s Rocklands operation.

The company has already begun operations at the mine and has started stockpiling ore ahead of the first shipment to China.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

A game changer? Aspiring to the new standard on workplace mental health
Partner Content
Work health and safety regulators have been more active in the area of mental health ri...
Aon
Advertisement

Related Stories

NSW eases border restrictions with ACT and Queensland

NSW eases border restrictions with ACT and Queensland

As the Australian Capital Territory leaves lockdown today and Queen...

Pfizer jab closer to approval for children, IDT to make new Monash vaccine

Pfizer jab closer to approval for children, IDT to make new Monash vaccine

Australian children aged five to 11 years of age could receive Pfiz...

Virgin Australia to lift flight capacity linking QLD tourism hotspots with SA, Tasmania

Virgin Australia to lift flight capacity linking QLD tourism hotspots with SA, Tasmania

Virgin Australia is set to add almost 150,000 more seats in flights...

Toll workers secure “industry first” superannuation and job security offer

Toll workers secure “industry first” superannuation and job security offer

UPDATE (11.04AM AEDT 14 October): Toll has issued a statement ...