Murubeni Raises Roy Hill Stake to 15%

Murubeni Corporation, Japan’s biggest power and agricultural products trading company, bought the 2.5 percent of Australia’s Roy Hill iron ore project held by South Korea’s STX Corporation, Steel Guru reported via Bloomberg.

As quote in the market news:

A Tokyo-based Marubeni spokeswoman said that the purchase raises the Japanese trader’s stake in the AUD 10 billion project led by Australian billionaire Gina Rinehart’s Hancock Prospecting Pty to 15%.

Marubeni said in March last year it agreed to pay AUD 1.5 billion for 12.5% of Roy Hill in its first foray into iron ore mining in 30 years. STX spent AUD 300 million on its 2.5% stake while South Korean steel producer Posco bought 15%.

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