Four Banks Consider Arranging US$ 250 Mln Loan For Mineral Exploration

Banque Misr, Commercial International Bank (CIB), Banque Du Caire and Bank Audi Egypt consider arranging a finance ranging from US$ 200 million to US$ 250 million to an Australian Mining Company which works in the field of mineral exploration in partnership with Tharwa Mining Company.

Sources at CIB said the Australian Company, which has large experience in Canada and Africa, negotiates with the Cabinet to acquire a land in Marsa Alam for mineral exploration after it made studies estimating the mineral quantities in this land.

The Company is still in the initial talks with banks as they did not decide whether to provide the finance or not. However, the studies made show that such companies achieve high profits and have strong liquidity which enable them to meet their liabilities.

The Company declined to announce the types of minerals it will explore for, until it receives the Cabinet’s final approval. The Australian Mining Company and Tharwa Mining Company had signed long-term partnership contracts.