Alex Wilson

GINDALBIE Metals has received conditional approval from the China Development Bank for a $US1.2 billion loan for its Karara project.

The iron ore junior said the commitment follows the completion of due diligence on the Karara project by the bank during 2008, followed by approval from the bank’s loan review committee.

Final approval of the $US1.2 billion ($1.8 billion) facility is subject to Gindalbie winning environmental approvals for the Western Australian project, finalising equity contributions, confirming a valuation report and completing detailed term sheet negotiations which are currently under discussion.

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Posted by boyang at January 14, 2009 6:24 AM