Australia’s first Aboriginal-owned iron ore mine to be built in WA
September 24th, 2019
Australia’s first Aboriginal-owned iron ore mine is one step closer to becoming a reality as Australian Aboriginal Mining Corporation Pty Ltd (AAMC) secures a debt funding of approximately $27.1 million for the development of the First Iron Project in Western Australia.
“This is a landmark moment in the development of Australia’s first Aboriginal-owned iron ore producer and a wonderful milestone for Aboriginal engagement in this country’s mining industry.
“We now look forward to continuing our engagement with the WA Department of Mines, Industry Regulation and Safety to finalise the last remaining approvals as quickly as possible so that we can start construction at First Iron,” AAMC Chairman Daniel Tucker said.
The Northern Australia Infrastructure Facility (NAIF) has approved a $12.5 million loan which will fund the First Iron Project development. This is NAIF’s first investment for an iron ore project in Australia.
In addition, Westpac Banking Corporation has also provided a loan of $14.6 million towards the iron ore mine development.
“On behalf of AAMC, I thank NAIF and Westpac for their funding support of our endeavours to create opportunities for Aboriginal communities and businesses to become actively involved in mainstream mining businesses and to share in the wealth of the land,” Mr Tucker said.
AAMC will be utilising both loans to complete the debt funding requirements for the First Iron Project. The company will also commence an equity raising for $28 million with Patersons Securities for the mine development. Read more…
“NAIF’s objective through its financing is to achieve growth in the economies and populations of northern Australia and encourage and complement private sector investment in northern Australia.
“One of NAIF’s mandatory criteria is ensuring there are strong Indigenous outcomes for all of our investments. This support of the First Iron Project satisfies those criteria and NAIF is delighted to partner AAMC,” NAIF Chief Executive Officer Laurie Walker said. Read more…