Australia's export credit agency assesses African mining projects
The export credit agency of the Australian Government continues to support and expand its financial backing for Australian-backed mine project opportunities in Africa.
Author: Ross Louthean
Posted: Friday , 04 Sep 2009
PERTH -
mineweb.com
Export Finance Insurance Corporation (EFIC) director Jan Fuchter told the concluding day of the Paydirt Africa DownUnder Conference that support is being considered by the Federal Government for involvement in a range of additional countries in Africa, in addition to current project support in Kenya, Zambia and Mozambique.
"In the north west, we are currently assessing support for Australian projects in Morocco, Mali, Senegal, Guinea, Ghana, Nigeria and Cameroon," Fuchter said.
"We also plan to lift our presence on the south east and south coast, possibly adding Uganda, Tanzania, Mozambique and South Africa to our current African exposure."
Since 2004, the Corporation has committed more than US$420 million in support for African ventures involving Australian firms. This include copper projects in Zambia, the Mozambique to South Africa gas pipeline, and for engineering, procurement and construction services for the Moma Mineral Sands project.
The bulk of funds have been to support Lumwana Mining Company's Lumwana copper project in Zambia involving Equinox Minerals Ltd (ASX: EQN).
"The EFIC is willing to support the growth of Australian business internationally by providing financial solutions in a manner that is complementary to, not in competition with, commercial lenders," Fuchter said.
"Our key focus as a lender, insurer and guarantor is structured trade and project finance for larger companies and projects and SME/mid size companies and obviously Africa's resources expansion is attracting interest from Australian explorers and mine developers." |
