Progress of the Roy Hill Iron Ore Project in Australia
Jun. 19. 2014
Roy Hill Holdings Pty Ltd (“RHH”), an Australian company jointly owned by Marubeni Corporation (“Marubeni”), Hancock Prospecting Pty Ltd, POSCO, and China Steel Corporation, with Marubeni holding a 15% stake, has completed the first drawdown from its US$7.2b loan facility, which was secured on March 20, 2014. RHH will continue drawdowns sequentially in line with the demands from the progress of the construction.
With more than 3,500 workers currently employed, the development and construction of Roy Hill iron ore mine site, new railway, and port facility (“Project”) has already completed 40%. The Project has mined its first ore and significant works are also underway on rail and port infrastructure developments.
The Project is developing a world-class, low-cost, fully integrated open pit mine, accompanied by rail and port facilities and will deliver 55Mtpa of high-quality iron ore lumps and fines to the global seaborne iron ore market. The expected high-grade iron ore products from this mine are much anticipated from steel mills including those in Japan. Marubeni will continue to support RHH for its stable iron ore supply.