State-run export agencies K sure and Korea Eximbank will offer US$2.2 billion to finance the Roy Hill iron ore project in the Australian Pilbara region, Korea Herald reported via Steel Guru.
As quoted in the market news:
The project attracted USD 4.55 billion from five export credit agencies from Korea, Japan and the US. Among these agencies, K-sure led with USD 1.2 billion in financing, followed by Korea Eximbank with USD 1 billion.
The company said that “The decision was made in line with the government’s policy to make financial investments in a natural resource development project overseas linked to infrastructure development, which will lead more Korean firms to join the project.”
POSCO is also involved in the Roy Hill project as an investor with a 12.5% stake in the project.