Roy Hill draws down funds

Gina Rinehart's Roy Hill Holdings called down almost $331 million in funding from its equity holders last month, as work ramps-up on the major phase of its 55-million-tonne-a-year iron ore project.

Mrs Rinehart is yet to finalise a full debt package for Roy Hill and is still negotiating with bankers. However, it is believed the project has closed out its $US4.4 billion funding round from global export credit agencies. Documents filed with the Australian Securities and Investments Commission show Roy Hill called down another $330.8 million from its partners, including $12.9 million from Mrs Rinehart's Hanrine Holdings, a subsidiary of Hancock Prospecting.

That was after Hanrine and other equity partners - including Japanese trading house Marubeni, Korea's POSCO and Taiwanese steelmaker China Steel Corporation - committed $378 million in new money to the project, the first new share issue for Roy Hill since the equity partners came on board in early 2012.

The West Australian

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