Aussie Mining Co. Bags Support For $4B Iron Ore Project

Law360, New York (June 19, 2012, 5:35 PM EDT) -- Minerals exploration company Australasian Resources Ltd. on Tuesday said it nailed down tentative financing from the Industrial & Commercial Bank of China Ltd., one of the world's largest banks, for its $3.9 billion mining project in the Pilbara region of western Australia.

The bank sent a nonbinding letter of interest affirming its “willingness and interest to finance the project,” the Perth-based company said. In the letter, valid through the end of the calendar year, the ICBC said it would furnish up to 70 percent of the...
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