Gindalbie seeks additional funding for Karara iron ore project

Australia-based iron ore producer Gindalbie Metals Limited (Gindalbie) has announced that it is seeking additional financing to assist with the short-term working capital requirements of its Karara iron ore project, since the slower-than-expected shipping schedule will have an impact on the forecast working capital requirements as the project has not achieved commercial production levels or been declared cash-flow positive.
 
According to Gindalbie, the Karara project has now shipped 3.4 million mt of iron ore through the Karara export terminal at Geraldton Port in Western Australia since the startup of its Karara iron ore project in October 2012.
 
Gindalbie now expects to achieve nameplate capacity of 8 million mt per year at the Karara concentrator plant in July of the current year.