Posco to join hands with Japanese Marubeni to develop world's largest iron ore mines
It is reported that South Korean steel giant Posco will join hands with Japanese trading firm Marubeni to develop one of the world's largest iron ore mine, Roy Hill project in Australia.
It’s known that the South Korean steel giant has sealed a deal to increase its stake in the Roy Hill project to 15%, which is estimated to be worth around US$ 1.6 million, while Marubeni will take over 12.5%.
The iron ore mine is expected to produce 55 million tons annually which would make it become the most productive single mine in the world.
It is expected that the production and shipment are to begin in 2014 after the two sides finish building and renovating railroads and ports.
News Date 20 Mar 2012 14:16:14 reported by Ren Jhuang