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Loan for Acquisition of Interests and Development of Roy Hill Iron Ore Project in Australia
Contributing to Securing Natural Resources through Supporting Japanese Company's Participation in Overseas' Large Scale Iron Ore Mine Development

  • Region: Oceania
  • Energy and Natural Resources
  • Overseas Investment Loans
NR/2012-151
March 28, 2013
  1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed today, a loan agreement amounting up to 1,063 million Australian dollars (JBIC portion) with Marubeni Iron Ore Australia Pty. Ltd. (MIOA), an Australian subsidiary of Marubeni Corporation. The loan is cofinanced with private financial institutions. 
     
  2. The loan is intended to finance MIOA's equity contribution to Roy Hill Holdings Pty Ltd (RHH), jointly invested by Hancock Prospecting Pty Ltd, an Australian company, POSCO and STX Corporation, Korean companies, and China Steel Corporation, a Taiwanese company, for acquiring interests in the Roy Hill Iron Ore Mine Project located in the Pilbara region of Western Australia, and developing the mine and related infrastructure. Marubeni, through this acquisition, will secure and supply an equivalent of 12.5% (about 6.9 Mtpa) of 55 Mtpa iron ore produced annually at full production from the project to Japanese steel mills for 17 years.
     
  3. Steel is used extensively for various products, including automobiles and construction materials. Thus, it is one of fundamental metal resources for Japanese industries. Demand is expected to rise on a global level with growing demand among emerging economies such as China. Since Japan depends entirely on the import from overseas including Australia, in recent years, it has become an important challenge to secure stable medium- and long-term supply of high grade iron ore. The high grade iron ore from Roy Hill is suitable as steel raw material, and there is strong expectation of Japanese steel mills to this project that will lead to securing a stable supply of high grade iron ore.
     
  4. JBIC will continue to support the development and acquisition of interests in natural resources that are strategically important for Japan by drawing on its various financial facilities and schemes for structuring projects, and performing its risk-assuming function.   

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