ASX-listed mining company Strandline Resources has secured a NAIF loan of up to $150 million to develop one of the world’s largest minerals sands project in Western Australia.
The Coburn Heavy Mineral Sands Project, which is located north of Geraldton, is expected to inject some $922 million into the region over 25 years and create up to 315 jobs during the construction phase and up to 190 jobs during the operations phase.
Resources Minister Keith Pitt welcomed the announcement as an important boost for Australia’s critical minerals sector.
“It’s also going to be a shot in the arm for our critical minerals sector, with products from the development to be used in items like ceramic tiles, refractory, paint, titanium metal and welding rod applications,” the Minister said.
Defence Industry Minister Melissa Price described the announcement from the NAIF as ‘welcome news for Western Australia that will bring many benefits to local communities’.
“The Coburn project will provide a significant economic boost to the region and support local employment opportunities throughout the duration of the mine’s projected long life to 2045,” she continued.
“I commend the NAIF for supporting this project and congratulate Strandline Resources for developing this critical minerals mine.”
NAIF CEO Chris Wade added: “At a critical time for the Northern Australia economy, NAIF’s support for the Coburn Project will provide jobs and investment into our important resources sector.
“This loan means NAIF has now approved more than $2.1bn in loans to projects right across the north, with $1.2 billion approved in the last 12 months.”
“The mineral sands sector offers exciting potential for Northern Australia and we are delighted to support that with approval of investment towards what is considered one of the world’s largest and capital-efficient mineral sands projects,” Mr Wade concluded.
First production at the Coburn Heavy Mineral Sands Project is expected within 18 months of the start of project construction.