29 July 2014
Australasian Mining Review
The Roy Hill iron ore project in the Pilbara has now advanced past the 50% completion stage, with Chair of Roy Hill, Gina Rinehart, claiming that 75 percent of the budget has, so far, gone to Australian suppliers.
“The benefit already delivered to the West Australian and national economies by the Roy Hill project is clearly demonstrated by the fact that more than 75% of the actual or committed $8.4 billion expenditure to date has gone to Australian suppliers,” Rinehart said in a statement released by the company today.
“The unwavering support and commitment of our partners has been outstanding when many criticised our project and our ability to secure finance and move the project forward, and when many in the mining industry are directing their focus and investment to lower cost countries overseas.”
“Thousands of new jobs have already been created at Roy Hill, including for businesses that supply Roy Hill. Many more direct and indirect employment opportunities will be created over the 20 or more year life of this world class project.”
“I look forward to a better realisation in Australia that we must be cost competitive to continue competing in export markets, and unnecessary burdens on the mining industry, such as the MRRT, are recognised to be not conducive to the investment Australia needs to continue to secure the economy, job opportunities and living standards,” Mrs Rinehart said.
The company statement said the Roy Hill project is the “largest mining construction project currently underway in Australia continues to gather significant momentum.”
“Following the successful completion of the US$7.2b loan facility in Singapore in March 2014, the largest ever project financing for the development of a land-based mining project worldwide, construction activity across the mine, rail and port infrastructure developments continues to ramp up.”
More than 4,700 people are currently working on the project, with over 3,800 workers on site across the project and with this number set to increase to 4,500 later this year.
The project is expected to deliver first ore on ship in late 2015.
“Reaching the half way mark of construction is a significant milestone and is an endorsement of the high level of planning and preparation exhibited, by not only Roy Hill but also from our shareholders and contractors, to ensure we deliver what we say we will deliver,” said Barry Fitzgerald, Chief Executive Officer of Roy Hill Holdings.
“While I recognise we still have a long way to go before we deliver first ore on ship in 2015, without the vision and drive of our Chairman Mrs Rinehart, and support and commitment of our equity partners and quality contractors, we would not be where we are today,” Mr Fitzgerald said.
To date, more than 11.7 million person hours have been worked on the development of the 55 million tonnes per annum iron ore mine and processing plant, 344km heavy-haul railway, and stockyards and berth facilities in WA’s Pilbara region.
Courtesy of Australasian Mining Review
29 July 2014