Allen & Overy advises lenders on financing of the Roy Hill iron ore project

Allen & Overy has acted as Australian and international counsel to the export credit agencies and commercial lenders on the financing of the integrated Roy Hill iron ore project, the world’s largest-ever project financing in the mining sector.

The project sponsors — Hancock Prospecting, Marubeni, POSCO and CSC — recently announced the finalisation of the $7.2bn (£4.4bn) project financing arrangements, which completes the funding package required to construct the $10bn project.

Allen & Overy 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.

The Roy Hill project comprises the development of a very large high-grade iron ore deposit in the Pilbara region of Western Australia and the construction of the port and rail infrastructure required to transport the ore to global markets. The Roy Hill project is expected to produce, at low cost, 55 million tonnes of ore per annum.

The Allen & Overy team was led by Australian partners Adam Stapledon and Chris Rushton, with partner elect David Christensen and senior associates Scott Lovell and Simon Huxley.

They were supported by Tokyo-based partner Matthias Voss and associate Taruma Naito, Washington DC-based partners David Slade and Greg Smith and associate Ann Lilienthal, New York associate Rebecca Stubbs and Singapore-based associate David Rho.

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