Roy Hill is celebrating a ten-year partnership with its financing and equity partners, POSCO, Marubeni and China Steel Corporation.
POSCO is a South Korean battery manufacturer, Marubeni is a Japanese trading company, and China Steel Corporation (CSC) is a steelmaking company located in Taiwan.
Roy Hill’s parent company Hancock Prospecting is its majority owner with a 70 per cent equity interest. Marubeni holds 15 per cent, POSCO, holding 12.5 per cent, and CSC holds 2.5 per cent.
The Roy Hill project is the only independent iron ore operation in the Pilbara with majority West Australian ownership. At the time in which the joint venture agreement was created, it made history as one of the most significant projects for its time.
Roy Hill executive chairman Gina Rinehart said that the project is a great example of how a major investment can create revenue for Australia, as well as employment and training opportunities.
“It’s a mega project which at times we thought may not happen. We are very fortunate our partners proceeded to invest in our project – It represented a massive vote of confidence in our hardworking, then small executive teams,” Rinehart said.
“Since then, it has been a remarkable ten-year journey, one that many thousands of West Australians and Australians have contributed to, and which in turn has contributed to our state and country.
“Our partners and everyone who has been involved in Roy Hill can be extremely proud they have built Roy Hill from a project into one of the best mining companies in Australia.”