Nullagine iron ore JV secures project funding installment from Henghou Industries

Australian iron ore producers BC Iron and Fortescue's Nullagine Iron Ore Joint Venture in Pilbara, Western Australia confirmed on February 2 that it has received US$15 million, second installment of funding under the US$50 million worth off-take, pre-sales agreement with Henghou Industries Limited based in Hong Kong.
 
As SteelOrbis previously reported, the project previously secured the first US$15 million installment of the fund. These funds are being applied towards development of the project, which possesses 89 million mt of iron ore reserves and aims to start production in the second half of 2010. The production is initially predicted at 3 million mt per annum, to increase subsequently to 5 million mt within a short time.