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Korea - Posco, Marubeni, STX to buy 30% of Roy Hill iron ore project

Korean companies Posco and STX and Japan’s Marubeni have agreed to acquire a combined 30% stake in Hancock Prospecting’s Roy Hill iron ore project in Western Australia for A$3.5 billion ($3.63 billion), according to a statement released by Marubeni on Friday March 30. Steelmaker Posco, trading company Marubeni and shipping and trading major STX will hold equity interests of 15%, 12.5% and 2.5% respectively, the statement said. “We are pleased to finalise this strategic alliance with companies whose countries need our iron ore,” Hancock Prospecting chairman Gina Rinehart said.

Source: Metal Bulletin, Singapore

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