https://www.engineeringnews.co.za

Australia’s EFIC grants loan for Escondida expansion

18th March 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Australia’s Export Finance and Insurance Corporation (EFIC) has granted mining giants BHP Billiton and Rio Tinto a $100-million loan for the Escondida mine, in Chile.

The loan will help finance Escondida’s organic growth 1 project, which involves the construction of a new 152 000 t/d concentrator.

EFIC’s loan is tied to supply contracts with about 80 Australian companies, including both large corporate and small- to medium-sized enterprises. The suppliers provide a wide range of services including engineering, mineral equipment, fatigue detection systems, tyre management and research.

“We are very pleased to be supporting a large number of Australian companies by providing finance to the project linked to Australian exports” said EFIC executive director of origination and portfolio management Peter Field

“This development underlines EFIC’s commitment to support Australian companies involved in export-related contracts,” he said.

The Escondida project is 57.5% held by BHP Billiton, and 30% owned by Rio.

The $3.8-billion expansion of Escondida would replace the Los Colorados concentrator with a new 152 000 t/d plant, and would allow access to higher-grade ore located beneath the existing facilities.

The expanded mine would deliver about 1.3-million tonnes a year of copper from June next year.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Universal Storage Systems (SA)
Universal Storage Systems (SA)

South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.089 0.145s - 156pq - 2rq
Subscribe Now