Gunns push back construction date

Gunns yet to secure financing for mill.

From Business Spectator

Construction of Gunns Limited’s controversial $2.1 billion pulp mill in Tasmania is set to be delayed after the company pushed back an internal deadline for the finalisation of a banking syndicate, reports The Australian Financial Review.

According to the paper, Gunns was aiming to secure the financing for the project by June 30, but has now conceded that more time will be needed to complete the funding.

A Gunns spokesperson said there was no deadline set on the financing and there was still significant interest for the project in the financial community,

Construction on the project was scheduled to start in September

The project has generated significant opposition from environmentalist and looked in trouble last month when the Australia and New Zealand Banking Group confirmed that it will not be funding the pulp mill.

Gunns has since opted for overseas sources to secure the funding.