THREE of the world’s largest banks have submitted formal expressions of interest in funding Iron Road’s Eyre Peninsula mining project.
The China Development Bank, the Industrial and Commercial Bank of China and the China Construction Bank have all expressed interest in the project, which is expected to produce 20 million tonnes a year of iron concentrate from a Warramboo mine.
Iron Road managing director Andrew Stocks said he hoped to have a final funding agreement in place by the end of the year.
He was a guest speaker at the Paydirt 2017 SA Resources and Energy Investment Conference in Adelaide on Tuesday.
Mr Stock said while iron ore prices had come back recently, due to the increasing stockpiles in Chinese ports, the outlook for quality product was bright.
“Premiums for higher quality ores, like Iron Road’s high quality concentrate, are increasing,” he said.
He said it was likely to be 2020 at the earliest before the mine was operational.
