Gina Rinehart’s Roy Hill mine is being funded by shareholders until a credit deal is secured, according to its annual results which were published by ASIC.
Shareholders have kicked in a further $624 million to keep the iron ore project going until a deal is signed.
The mining project, headed by Rinehart in partnership with Korean’s Posco, Japan’s Marubeni and China steel, was expected to have its $7.4 billion debt package secured by March.
The package — which is essential for the continued development of Roy Hill — is expected to include $US3 billion from commercial banks and $US4 billion from export credit agencies of nations including South Korea, the US and Japan.
Recent predictions say the debt package won’t be finalised until Christmas, with the first ore shipment to be on its way by 2015 but many still worry to huge project may never even operate.
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