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Magnetite Mines - Appointment of Strategic Advisor

Magnetite Mines Limited (ASX: MGT) (Company) is pleased to announce the appointment of Mr. Sam Chee as Strategic Advisor to assist with project financing for the Razorback High Grade Iron Ore Project.

Mr Chee is a highly experienced investment banker with over 27 years of banking and finance experience across financial advisory, debt arranging & structuring mandates in the Mining, Energy and Infrastructure sectors. In particular, he played a key role in the financing of Hancock Prospecting’s Roy Hill iron ore business which included lead structuring & commercial negotiations for the US$7.2 billion financing package – the largest debt financing for a greenfields mining project in the world.

He has been instrumental in the generation of funding for mining projects throughout his career, including his most recent role with Sumitomo Mitsui Banking Corporation as Deputy General Manager & Head of Mining & Metals, Project Finance.

The internationally competitive, cost-effective funding structure secured for Roy Hill was made up of loans and guarantees from five export credit agencies and a consortium of 19 commercial banks from Australia, Japan, Europe, China, Korea and Singapore. The lenders include the big four Australian banks: National Australia Bank, ANZ, Westpac and the Commonwealth Bank.

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