Rio Tinto, one of the world’s largest mining companies, announced that it will be providing funding to the Australian-based Charger Metals to help bring its projects to reality. The mining giant said that they will be providing a nine million dollar loan to Charger Metals, with funds to be drawn down in three phases. This will be used to help fund the exploration and development of the company’s Fraser Range and Eucalypt Mineral Sand Projects. The Fraser Range project is located near Kurnalpi in Western Australia and will be a major component of Charger Metals’ future growth plans. The Eucalypt Mineral Sand project is located in the Eyre Peninsula in South Australia, and is expected to produce high-grade industrial minerals. Rio Tinto chief executive Jacques Fontaine said that the loan is recognition of the importance of these projects to the company’s growth ambitions and to the development of the Australian mining industry as a whole. “Our funding for Charger Metals will help unlock these resources and create new jobs and opportunities for the local communities, with the potential to create more than 1,000 direct and indirect jobs in the short and medium term,” he said. Charger Metals’ managing director Michael Cormack said that the loan from Rio Tinto is a strong vote of confidence in the company’s plans to become a leading producer of industrial minerals in Australia. “This loan is a testament to the quality of our projects and the commitment of our team to bring them to fruition,” he said. The loan is a major boost for Charger Metals, which is set to benefit from a downward trend in commodity prices. It is hoped that the money will help the company establish a solid footing in the industry and allow it to grow and expand its activities in the future. Rio Tinto has been an important player in the Australian mining industry for many years, and its support to Charger Metals is a welcome sign of its commitment to the industry. It is hoped that this loan will help the company bring its projects to fruition and contribute to the growth of the mining industry here in Australia.