Chinese banks to fund iron project

An artist's impression of the proposed Cape Hardy Port.
An artist's impression of the proposed Cape Hardy Port.

THREE Chinese banks have formally lodged expressions of interest to fund the debt financing component of Iron Road’s $US4 billion Central Eyre Iron Project, which includes the mine, processing facilities, port, railway and other minor infrastructure. 

Iron Road stakeholder engagement principal advisor Tim Scholz said the banks – Industrial and Commercial Bank of China, China Development Bank and China Construction Bank - included the two biggest banks in the world. 

Mr Scholz said the China Railway Group had confirmed it would take about 50 per cent of the product (10-million tonne concentrate) each year from the completed mine.

Iron Road is waiting on a decision from the state government on its applications for a mining lease and associated infrastructure approvals.