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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.
(20min delay)