Waratah in final talks for a A$100m finance facility from China

By Romel S. Gurky

ASX-listed Waratah Resources said Monday it was in final discussions for a A$100 million trade finance facility with the Bank of China.

Waratah Resources Executive Chairman Ben Kirkpatrick commented, ?Arranging this facility significantly enhances our capability to execute and facilitate commodities deals.?

Waratah announced last week that it had completed its first commodities trade, sourcing 50,000 tons of thermal coal from Indonesia for China?s Ningbo ETDZ Holdings.

The transaction marked the first deal for Waratah Commodities, which was formalized in May this year with the objective of being a significant commodities trading, sourcing and resources projects development organization.

?Waratah is very well placed to broker commodity deals with end users in China, India and Korea, with strong links to suppliers in Indonesia, Australia and Africa,? Kirkpatrick said in a statement obtained Monday.

Editing by Reiner Simanjuntak