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Article: Hong Kong : BC Iron signs offtake, financing deal for Nullagine project.
- Article from:
- TendersInfo
- Article date:
- November 11, 2009
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Byline: manish03
BC Iron has secured $US50 million ($53.7m) in project financing from a Hong Kong-based industrial trading company in its first offtake deal for its joint venture iron ore project with Fortescue Metals Group.
The offtake agreements are for 20 million tonnes of iron ore from the Nullagine project, to be supplied over the next eight and a half years.
BC Iron managing director Mike Young said the deal will enable the project to progress to development without the complexity that comes with conventional project finance agreements.
We are extremely pleased to have secured not only our first offtake agreements, but also a ...