Rex signs EPC and Financing MOU for Hillside
• Engineering Procurement & Construction and Financing Memorandum of Understanding (“MOU”) signed with China Nonferrous Metal Industry’s Foreign Engineering and
Construction Co. Ltd (“NFC”) and Arccon (WA) Pty Ltd (“Arccon”) for financing, construction and development of the Hillside Project on Yorke Peninsula, South Australia.
• Outlines framework for cooperation to establish the cost and program for delivery of the Hillside Project while the current Bankable Feasibility Study is being completed.
• Rex, NFC and Arccon intend to enter into formal agreements for a full turnkey fixed lump sum Engineering Procurement and Construction Contract (“EPC Contract”).
• NFC to facilitate the debt funding of the project development costs through major Chinese banks, such as China Minsheng Banking Corp., Ltd (“Minsheng Bank”) and others, based on 70% of the EPC Contract turnkey cost, with an indicative amount of US$550m.
• Indicative project timetable envisages commencement of construction at Hillside in the first half of 2014 following signing of the EPC Contract and finalising financing, with the parties targeting Q4 2013.
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