Australian utility Alinta Energy has locked in A$175mn ($163mn) in financing to build infrastructure to supply electricity to the 55mn t/yr Roy Hill iron ore development in Western Australia.
The financing, supplied by Japanese bank SMBC, South African bank Investec and Australian investment fund Westbourne Capital, is another vote of confidence in the Pilbara project that plans its first shipments in late 2015.
The development is 70pc owned by Australian mining tycoon Gina Rinehart's Hancock Prospecting. Japanese trading house Marubeni holds a 15pc stake, South Korean steelmaker Posco has 12.5pc and Taiwan's China Steel the remaining 2.5pc.
Roy Hill's iron ore resource comprises 2.4bn t with an average Fe content of more than 55pc. It will ship out of Port Hedland and supply iron ore mostly to Asian customers.
joc/rjd
Send comments to feedback@argusmedia.com
If you would like to review other ArgusMedia.com content options, request more information about Argus' energy news, data and analysis services.
Copyright © 2014 Argus Media Ltd - www.ArgusMedia.com - All rights reserved.

