17 September 2014
Mining Bulletin
Korea Development Bank will take a 5% stake in the Roy Hill iron ore mine in Australia, in partnership with domestic pension fund firms and insurance companies. Given POSCO holds a 12.5% stake in the mine, Korean firms will take the position of a second largest shareholder if the deal goes through as planned.
The state run bank will purchase a 5% stake in Roy Hill Holdings at the cost of KRW 170 billion by forming an overseas resource development fund with other Korean institutional investors.
An investment banker said that once the proposal passes the investment deliberation committee in the institutional investors, the investment will be made.
Courtesy of the Mining Bulletin