egyptian banks appoint engineering expert

4 Banks Assign Engineering Expert To Study Tantalum Egypt’s Project

Published Tuesday, 12 March 2013 13:58 | Written by Mohamed Hamdy

Banque Misr, Banque Du Caire, Commercial International Bank (CIB) and Bank Audi Egypt have reached an agreement with an engineering expert to conduct a field study about Tantalum Egypt’s project before financing the purchasing of the company’s requirements to mine at Abu Diab mines and extract metals such as tin and ester, sources said.

The banks will offer US$ 120 million finance; divided equally over the four banks, and he loan period is five years, sources added. The banks wait the results of the study to sign the definitive loan agreements.

The Australian company, which has great in experience in Canada and Africa, is close to signing the agreement to acquire a land for the project in Marsa Alam after conducting studies on the quantities of metals in the region.