South Korea, Japan Invest in Australian Iron Ore Project

Reuters reported Marubeni Corp (TYO:8002), POSCO (NYSE:PKX) and STX Corp (SEO:01181) will buy 30 percent of an Australian iron ore project for A$3.5 billion.

As quoted in the market news:

The Roy Hill project, owned by Australia’s richest woman Gina Rinehart’s Hancock Prospecting and located in the Pilbara iron belt, plans to start shipping ore in 2014, with production expected to peak at 55 million metric tonnes (60.68 million tons) a year.

Click here to read the full Reuters report.