Australia
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 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. Singapore managing partner Stephen McWilliams and project financing partner Andrew Roche led a team at Latham advising Roy Hill as international counsel. Herbert Smith Freehills Perth partner David Walton acted for the company as Australian counsel. Allen & Overy advised the lenders as both Australian and international counsel with a team led by Sydney partners Adam Stapledon and Chris Rushton and also including Tokyo partner Matthias Voss and Washington, D.C., partners David Slade and Greg Smith. [Read full story]
