30 May 2008
THE ANZ Banking Group has announced it will not help finance Gunns Ltd's controversial $2 billion Tasmanian pulp mill at Bell Bay.
"Due to client confidentiality, we are not in a position to comment further on this decision,” the bank said. "Any further queries regarding the project should be directed to Gunns Ltd."
The announcement follows several weeks of mounting speculation that ANZ, Gunn's banker for the past 15 years, had decided against funding the project.
"Project financing for the mill is not dependent on ANZ participation in the banking syndicate," Gunns chairman John Gay is reported as saying.
"The company has a long-term and continuing corporate banking relationship with ANZ. It is proceeding to finalise the arrangement of finance facilities for the project."
Gay said the program for development of the Bell Bay mill was continuing on schedule with strong international interest in the financing.
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