IRC Limited  announced that it successfully drew US$7 million under the US$340 million project finance facility provided by ICBC The drawdown follows IRC's payment to China National Electric Equipment Corporation, the appointed contractor for the engineering, procurement and construction contract of the K&S beneficiation plant. This means that the contract has now formally commenced and construction should be completed within a 30-month period, i.e. during the first half of 2014.

IRC also announced the successful commencement of operations at its Vanadium plant in Northeastern China, which is a joint venture with its largest customer. The project which is 46% owned by IRC processes waste containing vanadium slag for the production of vanadium pentoxides and other vanadium products.

IRC entered into a project finance facility agreement with ICBC in December 2010 for US$340 million (HK$2.65 billion) for the K&S plant. Interest under the facility will be charged at 2.8% above LIBOR per annum.