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The debt facility will fund the completion of Roper Bar, the miner said on Friday September 6.
“This facility – plus the facility available to us from our off-take partner, Noble [Resources] – means Western Desert is fully funded for all of our requirements. We expect the first shipment of our product in less than 90 days.
“Importantly, we also remain on budget for completion of construction,” md Norm Gardner said in the statement.
Early last month, trading house Noble Resources agreed to purchase all direct shipping ore from Roper Bar for up to five years from initial shipment.
Western Desert’s offtake agreement with Noble Resources also includes a revolving credit facility for working capital.
Western Desert declined to comment on the total capex of Roper Bar.
Western Desert Resources said Macquarie Bank has agreed to provide all remaining debt finance for its 3-million-tpy Roper Bar iron ore project in the Northern Territory in Australia.