27 May 2014
The Australian
Minority partners in Gina Rinehart’s Roy Hill iron ore project have now fully paid for their stakes, contributing another $284.8 million in recent days, The Australian Financial Review reports.
According to the newspaper, Korea’s POSCO, Japan’s Marubeni and Taiwan’s China Steel Corporation have last week finished paying for their shares in the $US10 billion project.
In March, Ms Rinehart secured $US7.2 billion in debt from US, Japanese and Australian banks to build the mine.
The first high grade ore was mined in April and the project is expected to start exporting within 16 months, the AFR reports.
Courtesy of The Australian