Japan, South Korea groups buy Australian mine stake $3.67 billion

Japan, South Korea groups buy Australian mine stake for $3.67 billion

4:34 AM, 13th April 2012
Japan, South Korea groups buy Australian mine stake for $3.67 billion

TOKYO, JAPAN: South Korean steelmaker POSCO, Japanese trading firm Marubeni and Korean conglomerate STX Corp will pay about $3.67 billion for a 30 per cent stake in Australia’s Roy Hill Iron Ore project. A $3.53 billion deal would see the trio own 15 per cent, 12.5 per cent, and 2.5 per cent of the venture, respectively. Gina Rinehart, Chairman, Hancock Prospecting and Australia’s richest person, owns the remaining 70 per cent of the mine.

“Having strong partners with international experience in finance, engineering, construction, marketing and logistics will provide support for Roy Hill and assist in securing debt financing,” said Gina Rinehart. Roy Hill is expected to annually produce 55 million tonne of iron ore, a key input for steelmaking, over almost three decades starting from 2014.

© Agence France-Presse News

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