Hancock Prospecting Pty Ltd. and a consortium comprising POSCO, Marubeni Corp. and STX Corp. announced March 30 that they have entered into agreements to acquire 30 percent equity interest in Roy Hill Holdings, the holding company of the Roy Hill Iron Ore Project in Australia.
As part of the transaction, the consortium has acquired 25 percent equity interest in the project in exchange for funding A$3.2 billion (264 billion yen or $3.3 billion) of equity into RHH to meet current project development costs.
Of this amount, A$750 million of equity will be subscribed into RHH by the consortium following completion of the transaction, together with A$750 million of equity to be funded into RHH by HPPL.
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