Ashurst has advised Karara Mining Limited (KML) as borrower, and its subsidiaries as guarantors, on its US$1.48 billion syndicated facility agreement. KML is a joint venture between the WA-based Gindalbie Metals Limited and Ansteel, one of China's largest steel makers and iron ore miners.

Two of KML's existing facilities have been refinanced by this new US$1.48 billion syndicated facility agreement, providing KML with an extended maturity (effectively a 10 year extension over the existing term).

This will allow KML to focus on achieving sustainable production of magnetite concentrate at nameplate capacity at the Karara Iron Ore Project. The Karara Iron Ore Project is the first Western Australian magnetite project to reach commercial production and includes processing, rail and port facilities.

The Ashurst team was led by partner Gaelan Cooney who was assisted by lawyer Zoe Wiszniewska.