POSCO and Hancock Prospecting JV to Build Australian Railway

29 June 2010 (Last Updated June 29th, 2010 18:30)

Roy Holdings, a joint venture between POSCO and Hancock Prospecting, will construct a railway in Western Australia following approval by the state government. The 300km railway, worth A$7.2bn ($6.13bn), will link the Roy Hill iron ore project to Port Hedland. Hancock owns 95%

Roy Holdings, a joint venture between POSCO and Hancock Prospecting, will construct a railway in Western Australia following approval by the state government.

The 300km railway, worth A$7.2bn ($6.13bn), will link the Roy Hill iron ore project to Port Hedland.

Hancock owns 95% of the joint venture while POSCO holds 3.75%, according to af.reuters.com.

Hancock Prospecting is an Australia-based mining company and South Korean-based POSCO is the world's second-largest steel maker.