Australia’s Big Four Banks are among a series of overseas institutions who have helped Gina Rinehart secure funding for her Roy Hill iron ore mine in West Australia’s Pilbara region.
A $US7.2 billion long term finance agreement was signed in Singapore overnight which completed the funding package for the $US10 billion project.
The finance deal comprises of loans and guarantees from five export credit agencies and a consortium of 19 commercial banks from Australia, Japan, Europe, China, Korea and Singapore.
The Australian banks include Commonwealth Bank of Australia
(ASX:CBA), ANZ Banking Group
(ASX:ANZ), National Australia Bank Limited
(ASX:NAB) and Westpac Banking Corporation
(ASX:WBC).
Roy Hill CEO Barry Fitzgerald says the package is the largest ever project financing for the development of a land-based project world-wide.
The Roy Hill project is 70 per cent controlled by Gina Rinehart's company, Hancock Prospecting with the remaining interest owned by South Korean steel giant Posco and Japanese steelmaker Marubeni.
