CUDECO GETS $70M BOOST

Written on the 5 June 2014

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.

Latest News

BELLAMY'S FINDS EXPORTING BABY FORMULA INTO CHINA IS NO CHILD'S PLAY

BELLAMY'S (ASX: BAL) shares have suffered a 40 per cent drop in value today after the company hit a regulatory...

BRISBANE WATCH BRAND ADINA AIMS FOR ICONIC

ADINA watches is at a turning point in its history, 45 years after being founded by Robert 'Bob' Menzies i...

WHY YOU SHOULD CARE FOR YOUR BODY AS MUCH AS YOUR BUSINESS

ENTREPRENEURSHIP is a busy business. It can be all-consuming, but it is important not to neglect your health Y...

BULLETS BACK IN THE BUSINESS COMMUNITY

ALTHOUGH new to the current south-east Queensland sporting landscape, the Brisbane Bullets have a rich basketball ...

Related News

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

BIG W CEO QUITS AFTER 11 MONTHS

SALLY MacDonald has resigned as chief executive of BIG W ending her tenure at the helm of the struggling discount ...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter