Western Desert Resources (WDR), an Australian mining company, has secured funds of A$17.4m ($15.9m) in equity capital to finance operations at its Roper Bar iron ore project in the Northern Territory.
The miner is intending to commence production at the mine by late 2013. Covering nearly 1,900km2, Roper Bar Iron Ore Province is within four granted exploration licenses in the territory.
Commenting on the developments, WDR managing director Norm Gardner said that the company is delighted with the strong support extended by its stakeholders, particularly from new institutional holders.
"This placement puts WDR in a strong position to continue development of its Project and achieve shipment of first ore by fourth quarter 2013 on schedule and on budget," added Gardner.
In addition, the company is looking to obtain project financing and debt funding appointing Commonwealth Bank of Australia as project finance advisor, for the remaining capital requirement of the project.
WDR are expecting to conclude project financing and debt funding by the end of third quarter 2013.