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U.S. agrees to give $30 million loan to Malayan mine

Bukit Ibam Mine in History

Kuala Lumpur, Tuesday.

Three American Government agencies have agreed to grant a $30 million loan to help finance a new iron mining project at Ulu Rompin in South-east Pahang

This was stated today by Mr. J.S. Winterflood, general manager of the Eastern Mining and Metals Co., which is to run the project.

Mr. Winterflood told the Straits Times that Mr. J.N. McHugh, director in charge of mining development in Ulu Rompin, and Mr. J.P Diamond, the managing director, had negotiated the loan.

The Straits Times 27th May 1959

Not signed

“They wrote that nothing however has been signed yet because the U.S. Congress will have to approve the loan by the agencies – the Development Loan Fund, International Finance Corporation and the Export and Import Bank – and this will not happen until late this year,” said Mr. Winterflood.

The company has begun to clear country for the 48 miles of railway which will take the ore from its source at Bukit Ibam to Kuala Rompin on the coast.

The railway alignment is being surveyed.

First shipment

The line is expected to be completed by 1962.

Mr. Winterflood said that the company aimed at sending the first shipment of one and a half million tons of ore abroad in 1963.

Although the project meant employment for about 2,000 workers, these will not be recruited until 1963.

Japanese iron and steel industry leaders have agreed to buy between 1,500,000 tons and 2,500,000 tons of ore a year from Rompin mine, said Mr. Winterflood.

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