Roy Hill receives funding from ANZ
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Gina Rinehart's $10 billion Roy Hill iron ore project has received a funding injection worth $A1.09 billion from ANZ Banking Group Ltd, according to The Australian Financial Review.
The ANZ move offers support to the project, which appears to be emerging strengthened from recent uncertainty, though one source told the AFR that the move was a gamble by ANZ, leaving the bank with little collateral if the project fails to secure the rest of its funding needs.
The bridging facility eases pressure on Mrs Rinehart to fund Roy Hill's construction with her own finances, and comes as part of Mrs Rinehart's Hancock Prospecting's efforts to secure $4 billion in debt financing for the project from export credit agencies.
In addition, the project is seeking some $3 billion from commercial banks, making the project the largest mining finance deal ever.
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