29 June 2014
The Roy Hill iron ore project which Hancock Prospecting and Japanese and Korean companies have been promoting in Western Australia has already progressed by 40%. At present, more than 3,500 workers have worked on the development and construction of iron ore mine, new railway and port facility.
The track laying of the railway (total length 344 kilometers) has already advanced, and piling for the groundwork has progressed at the port. The mine site has gradually come in sight. The massive project has begun to show its appearance gradually towards shipments in the latter half of 2015.
Ms Georgina Hope Rinehart chairman of both Roy Hill Holdings having proceeded with the project and Hancock Prospecting of the largest stake holder in the project said that “Roy Hill will create new jobs and benefit significantly the mining and construction related industries and our West Australian and national economy and we look forward to becoming a major iron ore producer on an international scale, and thank our partners for their steadfast support for this major project.”
The Roy Hill is the gigantic project of AUD 10 billion. At the full production state, 55 million tons a year are produced. The route from the iron ore mine in Pilbara to the port is connected by the railway of 344 kilometers in length, and at the port, new handling and berth facilities are now under construction.
The USD 7.2 billion debt package is comprised of loans and guarantees from public financial institutions of Japan, Korea and the USA, as well as a consortium of 19 commercial banks of Australia, Japan, Europe, China, Korea and Singapore. It is Hancock Prospecting of Australia that is promoting the project. Companies of Japan, Korea and Taiwan have invested in this project subject to taking iron ore.
Of these, Korea’s POSCO revealed that the company has invested in this project by 12.5% and would be provided to take at least 11 million tonnes a year of high quality iron ore for 27 years. Besides it, Marubeni and China Steel have invested in this project.
Courtesy of the TEX Report
29 June 2014