KfW IPEX-Bank finances export of German machine technology for open-pit mines in Australia
Frankfurt am Main (ots)
- German machine technology plays a critical role in the expansion
of Australian iron ore producer Fortescue Metals Group Limited -
export volume of EUR 140 million
- Mining orders safeguard jobs at German suppliers
- New technology contributes to environmental protectionKfW IPEX-Bank is extending a loan in the equivalent of EUR 140 million to the Australian mining company, Fortescue Metals Group Limited (Fortescue), to support its significant expansion project. Fortescue, Australia's third-largest iron ore producer is planning to use German machine technology to progressively increase its annual iron ore production capacity from 55 million tonnes to roughly 155 million tonnes . Fortescue signed agreements with two German exporters to expand its existing mobile mining fleet. The Wirtgen Group, based in Windhagen/Rhineland-Palitinate, working in partnership with Fortescue, developed an innovative surface miner tailored to suit Pilbara iron ore deposits. The successful development and application of the surface miner, will see Wirtgen delivering several surface miner to Australia. Surface miner are drivable, high-performance machines used for the removal of rock layers in open-pit mines. The technology, contributing significantly to environmental protection, will be used to efficiently mine iron ore in Fortescue's Chichester Hub mining area, located in the Pilbara region in the north west of Western Australia. In addition, nine new excavators will be delivered by Caterpillar Global Mining HMS, a manufacturer based in Dortmund. "Our financing supports the German export economy: these mining agreements play a key role for capacity utilisation in the development, production and service areas of the two German suppliers Wirtgen and Caterpillar Global Mining HMS", said Markus Scheer, member of the Management Board of KfW IPEX-Bank, upon closing the deal. The loan, with a term of about nine years, is covered by an export credit guarantee of the Federal Republic and is structured in US dollars.
Fortescue is Australia's third largest producer of iron ore and, as the world's fourth largest participant in the seaborne iron ore market, is one of the leading international iron ore producers. Its business activities extend from exploration, development and mining to the export of iron ore around the world, in particular to Asia.
Illustrating pictures are available on the website of KfW IPEX-Bank in the press section under "press material".
About KfW IPEX-Bank GmbH
KfW IPEX-Bank is responsible for international project and export finance within KfW Bankengruppe. Its function of providing financing to support the German and European economy is derived from the legal mandate of KfW Bankengruppe. Its prime focus is on medium- and long-term lending to support the export economy and develop economic and social infrastructure, and for environmental and climate protection projects. KfW IPEX-Bank operates as a legally independent group subsidiary and plays a major role in fulfilling the promotional mission of KfW Bankengruppe. It has 531 employees (as of 31 December 2011) and is represented in the key economic and financial centres around the globe.
Contact:
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
Pressestelle: E-Mail: thomas.krick@kfw.de
Tel. 069 7431-8454, Fax: 069 7431-9409, E-Mail:
info@kfw-ipex-bank.de,
Internet: www.kfw-ipex-bank.de
Original content of: KfW IPEX-Bank, transmitted by news aktuell