CUDECO GETS $70M BOOST
Written on the 5 June 2014
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.