SYDNEY, Sept. 20 (Xinhua) -- The Australian Aboriginal Mining Corporation (AAMC) has secured 27.1 million Australian dollars (18.4 million U.S. dollars) in loans to fund the country's first ever Aboriginal-owned iron ore mine, Australian Mining reported on Friday.
Known as the First Iron project, the mine will be located in the Pilbara region of Western Australia and is forecast to be a low-cost iron ore operation with an initial mine life of 11 years.
The AAMC secured 12.5 million Australian dollars in debt funding from The Northern Australia Infrastructure Facility (NAIF), as well as 14.6 million Australian dollars from Westpac Bank.
According to Australian Mining, AAMC chairman Daniel Tucker described the development as momentous, not just for the project, but for local Aboriginal communities.
"On behalf of AAMC, I thank NAIF and Westpac for their funding support of our endeavours to create opportunities for Aboriginal communities and businesses to become actively involved in mainstream mining businesses and to share in the wealth of the land," Tucker said.
Construction on the project is expected to begin before the end of the year, creating 120 jobs, as well as a further 120 permanent positions once the mine becomes operational.
AAMC has also launched a 28-million-Australian dollar equity raising effort to further fund the project.
