Latham & Watkins and Allen & Overy have the lead roles on a $7.2 billion loan to the Roy Hill iron ore mining project, the largest-ever financing in the mining sector.
The new loan comes on top of previous funding of around $3 billion to develop an iron ore mine in Western Australia, which is expected to begin production in 2015. The project is 70 percent controlled by Hancock Prospecting Pty. Ltd., the mining company owned by tycoon Georgina Rinehart. The remainder is owned by a consortium of leading Asian steel companies including Korea’s POSCO, Japan’s Marubeni Corp. and Taiwan’s China Steel Corp.
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