Production from the Karara Project increased 35. 5 % compared to the June 2014 Quarter. A total of 35 shipments were completed during the September Quarter, comprising 18 magnetite concentrate shipments totaling 1.14 million wet metric tonnes (wmt) and 17 shipments of hematite DSO totaling 1.04 million wmt . Development of t he Hinge Iron Ore Project (“HIOP”) is on schedule with first ore on rail expected in the December Qua rter 2014 . A new US$400 million Fixed Term Loan Facility for additional working capital was concluded by Karara Mining Ltd (“KML”) with China Development Bank and Bank of China . T he US$130 million Term Loan Facility due for repayment in September 2014 by KML was extended by Bank of China to September 2015. Sale of the 330kV transmission line to Western Power was completed by KML for a net sale price of A$82.6 million.
GBG Price at posting:
3.2¢ Sentiment: Buy Disclosure: Held
