China Bank Backs Australian Iron Ore Project

Reuters reported Clive Palmer has tentatively lined up the Industrial and Commercial Bank of China to finance a $3.9 billion iron ore project in Western Australia.

As quoted in the market news:

Australasian, 68 percent owned by Palmer, said it had received a non-binding letter of interest from ICBC to finance the Balmoral South magnetite iron ore project, located 80 km (50 miles) southwest of the town of Karratha on the Indian Ocean.

The firm holds rights to mine 1 billion tonnes of magnetite ore from which it plans to produce 12 million tones per year of high grade iron concentrate and pellets for 25 years.

Click here to read the full Reuters report.