Rinehart wins Roy Hill funding with ECA support

(Business Spectator, Melbourne, 21 March 2014) Gina Rinehart has secured backing from a group of global banks and export credit agencies for a new $US10 billion ($A11.0bn) iron-ore mine that can feed Asian steel demand, just as miners like BHP Billiton scale back investments amid a broad decline in commodity prices. Australian and international counsel Allen & Overy has worked closely with the export credit agencies, namely Export-Import Bank of Korea, Korea Trade Insurance Corporation, Japan Bank for International Cooperation, Nippon Export and Investment Insurance and Export-Import Bank of the US, and the 19 commercial banks to negotiate, document and complete the transaction.