Rinehart’s Roy Hill Iron Ore Project Achieves Funding Record

Mineweb reported that the West Australia-based Roy Hill iron ore project has been given the largest funding package a land-based mining project has ever received.

Roy Hill is held by Roy Hill Holdings Pty Ltd., which in turn is 70-percent owned by Hancock Prospecting Pty Ltd.; Gina Rinehart, Australia’s richest person, is chairman and director of Hancock.

As quoted in the market news:

The U.S. $7.2 billion debt package includes loans and guarantees from five Export Credit Agencies and a consortium of 19 commercial banks from Australia, China, Europe, Korea and Singapore.

‘It is a testament to the project and the steadfast support and commitment from our quality shareholders: Hancock Prospecting, Marubeni, POSCO and CSC,’ said Roy Hill CEO Barry Fitzgerald. ‘The structure and quality of the project has allowed us to secure an internationally competitive, cost-effective funding structure which can endure market fluctuations.’

Click here to read the full Mineweb report.