Australian Journal reported, the Australian mining tycoon, the richest woman (Gina Rinehart), Reinhardt recently hand in the first cooperation of the Chinese steelmakers.
 
The current economic slowdown, iron ore prices continued to weaken, the Iron Lady Reinhardt and one of China's largest steel company, Shougang Group, last Thursday signed a long-term sales contract.
 
If Reinhardt's Roy Hill Holdings company wants before the end of the year for iron ore project financing for more than 6 billion yuan, then you have to lock in more iron ore importers. Western Australia's Pilbara region (Pilbara) iron ore project was originally scheduled to be put into production in the fourth quarter of 2014, but some experts questioned this, they are suspected of the project soaring construction costs and increasingly Zoudie of iron ore prices is a double blow, can not proceed as scheduled.
 
It is reported that Shougang Group has only agreed to subscribe for 55 million tons of iron ore annually produced by Roy Hill, a very small part of this partnership is seen as the first step towards the world's largest iron ore consumer. Sales contracts with Shougang to investors eat a reassurance, because the current iron ore price per ton has plummeted to less than $ 120, and the trend to continue pummeling.
Roy Hill had signed a sales contract partners from South Korea, Japan and Taiwan, just not to cooperate with potential customers, China. Roy Hill spokesman said on Tuesday do not want to cooperation with Shougang to comment, saying the specific details should not be public.
 
Cooperation with Roy Hill companies, including a 30% stake in South Korea's Posco and STX, that Marubeni, Japan's rolling mill in China Iron and Steel Group (China Steel), which held by the China Iron and Steel Group. The joint venture will purchase 16.5 million tons a year iron ore.
Reinhardt last week released an information on the Internet, said that despite the uncertain global economic outlook, the company's partners are aware Australia is one of the highest in the iron ore production costs, but they still Roy Hill project with confidence.
 
Reinhardt holds a 70% stake in Roy Hill, the project in June, admitted that the rising cost of production has increased the difficulty of financing of the project.



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