Specialised Vehicle Solutions (SVS) is a Tasmanian-based company that provides a range of hard rock underground mining and ancillary equipment for the underground mining industry.
SVS needed funding to manufacture two mining vehicles for international mining group Freeport-McMoRan, and US-based gold company Newmont Mining.
SVS couldn’t get funding from its bank because it had reached its limits on its banking facilities.
We provided SVS with a A$500,000 Export Working Capital Guarantee (EWCG) to allow its bank support the project.
An EWCG supports the provision of working capital for export contracts and can help a company’s future export growth.
The EWCG was used to fund the welding, fabrication and vehicle assembly at SVS’ Tasmanian manufacturing plant. The vehicles will be used at Freeport’s mine in Indonesia and Newmont’s Callie gold mine in the Tanami Desert, Northern Territory.
“The EWCG will not only allow SVS to fulfill these contracts but also free up working capital for new ones, which is important given its strong order book,” said Export Finance Australia’s Philip Smith.