Gina Rinehart's iron ore project at Roy Hill receives $US7.2b in funding
Gina Rinehart, owner of Hancock Prospecting and the wealthiest person in Australia, has secured a $US7.2 billion finance deal with several lenders from around the globe to build up a mine at Roy Hill, in the Pilbara region of West Australia. These investments will allow Rinehart to become the fifth largest iron ore producer in the world.
The global investment comes more than 60 years after Lang Hancock, Rinehart’s father, discovered the world’s largest iron ore deposits at the site. This is the biggest mining construction project in Australia, and will employ thousands of people at the peak of the build. Currently, 2,500 are employed at the mine, with a look to increase the workforce to 3,600 later this year. When the project is complete, the site will house 2,000 permanent staff. Production on at Roy Hill will start late in 2015.
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The funding comes from loans and guarantees from five credit agencies and nineteen commercial banks from Australia, Japan, China, Korea, Singapore and Europe. Banks in Australia supporting the effort include the National Australia Bank, ANZ, Westpac and the Commonwealth Bank.
Gina Rinehart commented on those funding the endeavour, saying that "[t]he project has strong partners with international experience in finance, engineering, construction, marketing and logistics, which has assisted in the attraction of support from the international finance community.”
The CEO at Roy Hill, Barry Fitzgerald, said that the funding deal will be the largest debt financing for a mining project in the world. In total, around $10 billion will go towards building the mine, a 3-44-kilometre railway to Port Hedland and port facilities to export the iron ore at Port Hedland Harbour. Hancock and their investment partners have put in $3.2 billion to the project.
“[Roy Hill] has already shown it will create new jobs and benefit the greater mining and construction-related industries,” Rinehart said. “It will add to Australia’s exports, and significantly benefit our West Australian and national economy.”
Seo JungJin: Who is EY’s World Entrepreneur of 2021?
Seo JungJin, founder of biopharma firm Celltrion, which most recently developed an antibody treatment for COVID-19, has been named the EY World Entrepreneur of the Year 2021, becoming the first South Korean in the award’s 21-year history.
Regarded as one of the world’s most prestigious business awards program for entrepreneurs, the EY Entrepreneur of the Year celebrates visionary and innovative leaders from across 60 countries who are transforming the world and fostering growth.
JungJin, who is now honoroary chairman of Celltrion Group, was up against a worthy cast of entrepreneurial competitors, taking the crown from among 45 award winners across 38 countries and territories.
Speaking during the virtual event, JungJin described his own interpretation of entrepreneurship as something that brings together “a group of people toward a common vision, embracing challenges as opportunities and committing oneself to contribute to the greater good”.
Why was JungJin crowned King Entrepreneur?
A South Korean native and now 63 years of age, JungJin founded biopharmaceutical firm Celltrion in 2003. In the nearly two decades since its founding, Celltrion has lived up to its goal of advancing health and welfare for all by developing ground-breaking drugs to treat autoimmune disease, various forms of cancer and, most recently, COVID-19.
The company, which JungJin started with just US$45,000 and five of his colleagues, has since growth to more than 2,1000 employees with sales permits in more than 90 countries and revenues exceeding US$1.69bn.
According to the panel, JungJin’s story is a shining example of the power of an unstoppable entrepreneur to change the world with the pandel moved by both his incredible story and his purpose-driven leadership, innovative mindset and entrepreneurial spirit.
Described by the chair of the EY judging panel Rosaleen Blair as “representing everything an unstoppable should be” from taking on the world’s biggest health care challenges to consistently creating long-term value for his company, JungJin’s story is one of incredible tenacity and perseverance that the judging panel felt most represented the entrepreneurial spirit.
“He’s taken breathtaking risks, both personal and professional, to found Celltrion and grow it into one of the world’s leading biopharmaceutical companies,” says Stasia Mitchell, EY Global Entrepreneurship Leader. “His passion for creating affordable, life-saving health care and flair for tackling global problems has led to many treatments that have helped millions of people worldwide and was especially evident this past year through the creation of a COVID-19 antibody treatment.”
How did JungJin get there?
JungJin's entrepreneurial journey started at an early age when he worked as a taxi driver to get himself through Konkuk University in Seoul, South Korea. After studying industrial engineering, he rose through the ranks of Daewoo Motor Co. before losing his job amid the carmaker’s financial troubles following the 1997 Asian economic crisis.
Following this, JungJin started collaborating with colleagues to explore business opportunities in different industries, though none delivered lasting success. The turning point came after he attended a talk hosted by renowned scholars, which inspired him to focus on the biopharmaceutical sector.
And so he founded Celltrion with just US$45,000 of his savings. The launch of Remsima, credited with being the world's first antibody biosimilar, quickly moved Celltrion up the ranks of the country's fairly underdeveloped pharmaceutical sector. Celltrion followed this success with the launch of drugs for breast cancer and lymphoma that today are being used worldwide.
With ambitions to be the world’s first in different areas, Celltrion has pioneered numerous uncharted areas to great success over the past two decades, most recently responding to the global pandemic by successfully developing an antibody treatment for COVID-19 and working to ensure a timely supply of the safe and effective treatment.
“When I first started, my vision was to help patients gain access to safe, effective and affordable medicines and thereby enhance the quality of people’s lives,” explains JungJin. “The success of Celltrion has enabled me to expand on this while finding new ways to fuel my entrepreneurial drive.”