From Gina Rinehart’s AFR today:
Gina Rinehart has continued to tip millions into the Roy Hill iron ore project in Western Australia, as confidence in the project builds on the back of loans secured in December.
Documents submitted to the Australian Securities and Investments Commission show that a subsidiary of Ms Rinehart’s Hancock Prospecting made another down payment of $251.6 million on the giant iron ore mine, port and rail project.
…Hancock prospecting will own 70 per cent of the mammoth project, which took a big step forward when it won $US694.4 million ($789 million) of funding from the US Export Import bank in December.
The Roy Hill project would be the jewel in Ms Rinehart’s empire, as it would be the first mine her family has actually operated.
The project is forecast to ship its first ore in 20 months, right into the teeth of the iron ore shakeout. Of the three joint venture partners – China Steel Corporation, POSCO and Marubeni – two manufacture steel products and the third distributes such. They have committed to taking half of Roy Hill’s output and will not be perturbed by a cheaper iron ore price.
Andrew Forrest on the other hand…
