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Australasian Resources major shareholder Clive Palmer lends a hand

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Australasian Resources (ASX: ARH) has secured a $500,000 working capital loan from Clive Palmer’s Mineralogy.

Palmer, an Australian businessman, is most widely known as the owner of Mineralogy and for his investments in other resources companies. His net worth is estimated at around US$795 million.

Mineralogy and Palmer are a major shareholder of Australasian Resources.

Importantly, the loan will enable the company to assess and review options for the most appropriate funding structure moving forward while it finalises the MCC Overseas (HK) Technical Services Report for the Balmoral South Iron Ore Project in the Pilbara region of Western Australia.

Australasian Resources is reviewing a final draft of the Chinese Financing Technical Report produced by MCC, CCCC First Harbor Engineering, East China Electric Power Design Institute and Northern Engineering & Technology Corporation under the Technical Services Agreement.

This report is suitable for applications to Chinese financial institutions for up to 75% of the capital requirements of the project.

Once the report is approved, Australasian Resources' wholly owned subsidiary International Minerals will then have the ability to formally apply for funding with the assistance of MCC.

MCC has approached a number of steel mills based in China to begin discussions with potential end users of the final product from the Balmoral South Iron Ore Project.

Relevant testwork reports and studies are expected to be shared in the March quarter with those who express interests in using the project’s high grade concentrate.


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