Roy Hill secures $7.2 billion funding package for iron ore project

Australia-based Roy Hill Holdings has announced that it has signed a $7.2 billion funding package for the Roy Hill iron ore mining project located in West Australia's Pilbara region.
 
According to Roy Hill Holdings, the Roy Hill project which is currently under construction will be a world class, low cost, integrated open pit iron ore mine, railway and port facility, capable of producing approximately 55 million mt per year of premium quality iron ore for export to the global market. The processing facility will be able to process 55 million wet mt annually. The company expects the first export in September 2015.
 
Once the project is operational, the company is expected to rank fourth among Australia's biggest iron ore producers. The Roy Hill iron ore project is 70 percent owned by Hancock Prospecting Pty Ltd (HPPL), 15 percent by Japan-based Marubeni Corporation, 12.5 percent by South Korean steel giant POSCO and 2.5 percent by China Steel Corporation (CSC).