Gina Rinehart has finally secured funding for her Roy Hill iron ore mine in West Australia's Pilbara region, bringing her dream of becoming a miner in her own right another step closer.
The deal, signed in Singapore on Thursday night, will see a group of lenders including 19 commercial banks from Australia, Japan, Korea, China, Europe and Singapore, and a number of major export credit agencies provide $US7.2 billion ($7.9 billion) to support the 55 million tonne project, which aims to ship its first ore in 2015.
Australia's big four lenders – National Australia Bank, ANZ, Westpac and the Commonwealth Bank – are all supporting the $11 billion project.
"The project has strong partners with international experience in finance, engineering, construction, marketing and logistics, which has assisted in the attraction of support from the international finance community," Mrs Rinehart said in a statement.
Her company, Hancock Prospecting, owns 70 per cent of the project, with the remaining 30 per cent owned by South Korean steel giant Posco, Japanese steelmaker Marubeni Corporation and Taiwan's China Steel Corporation.
The partners have already pumped more than $3 billion into the project.
With capacity of 55 million tonnes per year, Roy Hill would become Australia's fourth-largest iron ore producer and help cement the Pilbara as the world's most important iron ore centre
Massive investment boost for the WA economy and revenue boost for the WA & Fed Govt.
Australia is getting back to business...