POSCO Offers AUD 1 Billion Collateral for Roy Hill Iron Ore Project

  • Monday, November 11, 2013
  • Source:

  • Keywords:Iron Ore
[Fellow]
Reuters reported that South Korean steelmaker POSCO will offer its 12.5% stake in Roy Hill Holdings as collateral for the latter's Australia iron ore project, a sign that the AUD 10 billion venture is gaining funding.
 
POSCO said that the collateral, valued at KRW 1.49 trillion will be offered to export credit agencies in Korea, Japan and the United States and to other companies. The 55 million tonnes per year project has been pushed back because of delays securing AUD 7 billion in debt financing.
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