Roy Hill closer to mine financing deal - iMINCO Mining Training Information

Roy Hill closer to mine financing deal

iMINCO Roy Hill closer to Pilbara financing dealThe giant Roy Hill iron ore mine, which is under the guidance of Gina Rinehart, could secure its financing arrangements within a couple of weeks.

Japanese-based joint venture partner Marubeni Corp was said to be happy with the iron ore mine site’s construction progress.

Chief financial officer for Marubeni Yukihiko Matsumura said the $8 billion financing package could be ‘done and dusted’ as early as February. This was prompted by the release of the Roy Hill latest earnings update, according to US finance experts Bloomberg.

A Roy Hill spokesman said that headway was being made at the remote Pilbara iron ore mine site, but there was still work to be done.

The Roy Hill mine development project received around $2 billion in funding in December 2013 from Korean and American import-export banks, with the National Australia Bank, BNP Paribas, Mizuho, Sumitomo Mitsui and Mitsubishi UFJ being among the private sector lenders who are assisting in allowing the project financing to close.

Construction of Roy Hill has been steady over the past few months as almost 2000 workers labour to create one of Australia’s largest iron ore mines with an expected capacity of some 55 million tonnes of iron ore processed per year.

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