China Development Bank and Bank of China arranged the syndicated project financing for the US$1.2 billion loan for the Karara Iron Ore Project in Western Australia.The project is a joint venture between Australia's Gindalbie Metals and China's Ansteel.Garret Dixon, managing director of Gindalbie, said the completion of final banking documents and obtaining Chinese regulatory approval for the Ansteel guarantee were the key final requirements to allow drawdown of the project loan from July 2010."This is a major milestone for the Karara Project and the joint venture partners Ansteel and Gindalbie," Dixon said, as reported by MineWeb."Securing such a large project debt facility, which was arranged under the previous taxation regime, against the current backdrop of massive uncertainty arising from the proposed Resources Super Profits Tax is a considerable achievement. "If this project was only at the concept stage I am not sure that it would be proceeding. It would more likely have been put on hold until the issues raised by the proposed new tax on the resources industry were sorted out."