Fair Star Resources has secured conditional approval for an A$300m (US$310m) debt facility to speed up the development of the Steeple Hill iron project in Western Australia.

Fair Star will utilise the funds for construction and commissioning of the plant and for infrastructure works.

The debt facility has been approved on condition that Fair Star Resources should obtain a duly executed native title agreement and mining lease over the Steeple Hill tenements.

The facility is also dependable on the conclusion of the off-take agreement.

Fair Star is planning to execute a three-phase development strategy.

The first phase will include recovery of deposits of alluvial iron ore in a low-cost mining operation. The second phase will include drill and blast operation for hard rock hematite and the third phase will include recovery of magnetite.

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