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Samsung C&T-Aussie deal

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(Globalpost/GlobalPost)

SEOUL, March 28 (Yonhap) -- Samsung C&T Corp., a major South Korean trading company, said Thursday that it has clinched a 6.5 trillion won (US$5.8 billion) development deal from Australia's Roy Hill.

Under the deal with Roy Hill Holdings Pty Ltd., Samsung C&T will build an infrastructure for the development of an iron ore in western Australia.

Samsung C&T will build a plant that will be able to process 55 million tons of iron ore annually, a 340-kilometer long railroad and two berths for the Roy Hill iron ore development project for 32 months.

The construction project will be completed by 2015, according to Samsung C&T.

Roy Hill, controlled by Australian billionaire Gina Rinehart, is set to develop a world-class iron ore deposit in the Pilbara region of Western Australia.

Shares of Samsung C&T closed at 68,500 won on the Seoul bourse, up 0.74 percent from the previous day's close.

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http://www.globalpost.com/dispatch/news/yonhap-news-agency/130328/samsung-ct-aussie-deal