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Posco Acquires Shares in Roy Hill Iron Ore Project

05/10/2012 - Posco formed a consortium with Marubeni, STX, and China Steel and acquired 30% of the Roy Hill Project shares. Of these, Posco’s shares are 12.5%.

Posco recently completed share acquisitions for the Roy Hill Project in Australia. On May 2, CEO Chung Joonyang met with Hancock Executive Chairman Gina Rinehart, the largest shareholder in the Roy Hill Project of Sydney, Australia; Marubeni ASEAN Chairman Kawai Shinji; STX Heavy Industries and Construction Chairman Lee Heebeom, and China Steel Chairman J.C Tsou, signing the agreement to acquire shares of the Roy Hill Project.
 
The Roy Hill Project aims to develop the iron ore mines of Roy Hill, located in Pilbara, the northwest region of Australia. Approximately 2.3 billion tonnes of high-quality iron ores are buried in the Roy Hill mine, and Asian steel companies were discussed as investors due to their proximity to the countries.
 
Posco formed a consortium with Marubeni, STX, and China Steel and acquired 30% of the Roy Hill Project shares. Of these, Posco’s shares are 12.5%.
 
An annual 55 million tonnes of iron ores are planned for production at the Roy Hill mine starting in 2014 when railways are connected and piers are completed to accommodate large ships. Posco will be provided with 7 million tonnes of high-quality iron ores annually for 30 years when productions starts.