Business

Amex Resources project big ground breaking today

By RACHNA LAL Amex Resources Limited’s much-awaited construction works for the Mba Delta iron sands project will officially commence today. This includes the construction of wharf and shiploading infrastructure at
06 Mar 2014 12:23

The site of the Amex Resources Limited port in Lautoka. Prime Minister Commodore Voreqe Bainimarama will officiate the ground breaking in Lautoka today. Photo: JYOTI PRATIBHA

By RACHNA LAL

Amex Resources Limited’s much-awaited construction works for the Mba Delta iron sands project will officially commence today.
This includes the construction of wharf and shiploading infrastructure at Amex’s Lautoka port site.
Prime Minister Commodore Voreqe Bainimarama will officiate the groundbreaking ceremony at the Lautoka Port Foreshore.
Also to be announced is the name of the contractor, a major Chinese state-owned entity ranked in the Forbes 500 Largest Global Corporation list, which so far has been kept confidential.
The initial works are expected to include construction of the administration buildings and provision of the Contractor camp on a separate site.
Amex Resources managing director, Matthew Collard, had earlier said the contract has a construction period of 18 months.
The project construction activities are fully funded through debt financing out of China.
Amex Resources intends to repay the debt over the first three years of the project operations.
The total cost of taking the project into production is currently estimated to be FJ$200 million.
This number incorporates all of the construction at the port site, procurement of the marine fleet, transit base and working capital.
The company holds a 21-year lease over the project, which carries a 220 million tonnes indicated resource at 10.9 per cent iron.




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