Signing of Finance for Roy Hill Iron Ore Project
Mar. 28. 2013
We are pleased to announce that Marubeni Iron Ore Australia Pty. Ltd. (“MIOA”), a 100% owned subsidiary of Marubeni Corporation (“Marubeni”), signed a loan agreement of AUD1,063 million financing with Japan Bank for International Cooperation, in relation to the acquisition of a 12.5% equity interest in Roy Hill Holdings on March 30, 2012. Other loan facilities from private financial institutions are also planned to be arranged.
Marubeni has been working intently to develop the Roy Hill Iron Ore Project (“Roy Hill” or the “Project”) jointly with the Project’s promoter, Hancock Prospecting Pty Ltd and the Consortium members comprised of POSCO, China Steel Corporation and STX Corporation. The construction works have progressed very well and some parts, including dredging work at the port, have been completed already.
The expected high quality Iron Ore Product from Roy Hill is much anticipated from steel mills including those in Japan. Marubeni intends to continue developments in the Project jointly with the project partners to further contribute to securing the supply of iron ore to Japan.