trending Market Intelligence /marketintelligence/en/news-insights/trending/3acxl4ybgvrcorv-wbrneq2 content esgSubNav
In This List

IndiOre ups expansion cost of Kurnool iron ore plant in India to A$11M

Blog

Insight Weekly: Bank boards lag on gender parity; future of office in doubt; US LNG exports leap

Blog

Insight Weekly: Job growth faces hurdles; shale firms sit on cash pile; Africa's lithium future

Blog

Insight Weekly: Loan growth picks up; US-China PE deals fall; France faces winter energy crunch

Blog

Insight Weekly: CEO pay jumps; yield curve inversion deepens; wind giants lift turbine prices


IndiOre ups expansion cost of Kurnool iron ore plant in India to A$11M

IndiOre Ltd., formerly NSL Consolidated Ltd., increased the phase-three expansion cost for its Kurnool wet beneficiation plant in India to A$11 million from A$8.5 million.

The company said Sept. 4 that the change was sparked by improvements in designed availability, plant throughput and finished product grades and yields, which were based on a review of the project's phase two.

The additional capital requirement will be funded by a A$6 million convertible note facility IndiOre secured from major shareholder First Samuel. The facility has a term of three years with an annual interest rate compounding and accruing at 10%.

IndiOre said the expansion, which will allow the company to achieve a production rate of about 400,000 tonnes per annum from the iron ore plant, remains on track for commissioning in the first half of 2019.

Meanwhile, CEO and Managing Director Cedric Goode and non-executive Chairman Jock Muir both resigned.

Muir has been replaced by non-executive director Peter Richards, while the company is still in the process of looking for a new CEO.