Mining contractor Macmahon Holdings Ltd. (MAH.AU) said Monday it has nearly doubled its funding facilities to A$475 million, and separately received strong interest for standalone financing of its Tavan Tolgoi coal venture in Mongolia.

Macmahon said its previous facility was worth A$240 million, but it had secured support to raise this from banks including Commonwealth Bank of Australia Ltd. (CBA.AU), HSBC Holdings Ltd. (HBC) and Sumitomo Mitsui Banking Corp.

"In light of current financial market uncertainty this is an excellent outcome for the company," said Theresa Mlikota, Macmahon's chief financial officer.

Macmahon was awarded preferred contractor status for part of Mongolia's massive Tavan Tolgoi coal-mining project, in a joint venture with Germany's BBM Operta Group in August.

The Tavan Tolgoi joint venture expects to start mining up to 15 million tons a year of coal from the project next year.

 
-By David Winning, Dow Jones Newswires; +61-2-82724688; david.winning@dowjones.com
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