News Wrap

IN THIS morning’s News Wrap: Noble loan for Boikarabelo mine; iron ore exports resume from Pilbara; and blow for Woodside's Browse LNG project.

Lou Caruana

Noble loan for Boikarabelo mine

South African developer Resource Generation has negotiated a $US65 million ($A72.9 million) loan with Hong Kong trader Noble Group to fund its coal development, according to The Australian.

The Australia-listed company yesterday said that together with existing cash resources the loan facility would be used for constructing buildings and infrastructure at its Boikarabelo mine.

“Completing these loan arrangements removes the remaining major gap in our funding plans,” managing director Paul Jury said.

Iron ore exports resume from Pilbara

Ports in Australia’s resource-rich Pilbara region were returning to normal and loading vessels on Wednesday after suspending shipments and evacuating staff over the weekend as Tropical Cyclone Christine approached, according to the Sydney Morning Herald.

Port Hedland, used by BHP Billiton and Fortescue Metals Group to export iron ore, sustained only minor damage from the cyclone and there was no impact on port operations, which reopened late on Tuesday, port spokesman Steed Farrell said.

Blow for Woodside's Browse LNG project

Plans for developing the multi-billion dollar Browse Basin export gas project have been dealt a blow, with the Japanese partners abandoning a key sales contract that has partially underpinned the project, according to the Sydney Morning Herald.

Two Japanese trading houses, Mitsui and Co and Mitsubishi Corp, were planning to buy as much as 1.5 million tonnes of LNG annually from the project.

However, their participation and the offtake agreement were conditional on a final investment decision being taken for the project to proceed by the end of December 2013.

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