From your ABC, what Citi described as the Roy Hill “whale” has breached off the cost of the Pilbara:
West Australian mining magnate Gina Rinehart is on the cusp of sending her first iron ore shipment to Asia.
The bulk carrier, MV Anangel Explorer, docked late yesterday at the newly completed Roy Hill wharf in Port Hedland and is being loaded.
“This is a truly momentous occasion,” Mrs Rinehart said in a statement issued to media.
“To paraphrase the great Sir Winston Churchill, may I say to the employees of Hancock Prospecting and Roy Hill, the light of history shall shine on all your hard hats, and the first Roy Hill ship,” Mrs Rinehart was quoted as saying in the media statement.
However, the project milestone comes after significant delays at Roy Hill and amid a tough resources market.
Head of commodities research at ANZ, Mark Pervan, described the timing as ‘unfortunate’ and said the additional iron ore would do nothing to improve prices.
Why so? It’s the third phase of the commodities boom when volumes boost GDP.
