Australian SME's to benefit from Oyu Tolgoi underground
PERTH (miningweekly.com) – Australia’s export credit agency Export Finance and Insurance Corporation (Efic) was optimistic that the country’s small- and medium-sized (SME) exporters would benefit from the expansion of the Oyu Tolgoi copper-gold mine, in Mongolia.
Mining giant Rio Tinto this week secured $4.4-billion in project financing to construct the underground operation at Oyu Tolgoi, following a deal with a number of international financial institutions and export credit agencies, including Efic.
“Australia has world class expertise in underground mining and the project represents a major business opportunity for a large and diverse number of Australian SME exporters,” said Efic MD Andrew Hunter.
“An estimated 200 Australian SMEs have already been involved in providing services during the initial phase of the Oyu Tolgoi project, with contracts worth more than $83-million.”
Hunter said that with Efic’s support, even more Australian SME exporters would be able to be involved in the next phase of the project.
“Efic is delighted to support this project which provides a fantastic opportunity to showcase Australia’s world class mining expertise and services.”
“An important part of Efic’s role is to ensure that, where possible, we enable Australian SME involvement in the supply chain for large projects such as Oyu Tolgoi. By providing this loan, we have been able to enhance the prospects that Australia, and particularly our SMEs, will enjoy ongoing involvement in this exciting project.”
Efic would provide a loan of up to $150-million to Oyu Tolgoi to help finance the the development of an underground mine.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation