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Fiji Time: 12:56 AM on Thursday 24 April

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$47m loan for mine upgrades

Felix Chaudhary
Tuesday, December 24, 2013

AN Australian mining company that has been granted a licence to mine for magnetite in the Ba River delta announced yesterday that construction of a wharf and ship loading infrastructure would commence early next year.

Amex Resources managing director Matthew Collard said the developments came after the signing of a lump sum procurement, construction and management contract for the project. "Works are to commence early in 2014 and include the purchase of an owner-operated mining and transport fleet as well as construction of wharf and ship loading infrastructure at Amex's Lautoka port site," he said in a statement issued by Amex Resources.

Mr Collard said a short term loan facility of $US25million ($F47.5m) was signed last Friday which would be used to complete advance payment on the contract.

Agreement for the $US80m ($F152m) balance of the contract funding was conducted last Saturday with a major Chinese state-owned entity ranked in the Forbes 500 Largest Global Corporations list.