Latham & Watkins and Freehills are advising on an Asian consortium’s $3.3 billion acquisition of a 30-percent stake in the Roy Hill project, an iron ore mine in Western Australia. The seller is Hancock Prospecting Pty. Ltd., the iron ore exploration and development company owned by Gina Rinehart, Australia’s richest woman.
The consortium of investors comprises Korean steelmaker POSCO, which is paying $1.56 billion for a 15-percent stake in the mine; Japanese trading company Marubeni Corp., which is paying $1.56 billion for a 12.5-percent stake; and Korean shipbuilder STX Corp., which is paying $180 million for the other 2.5-percent stake.
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