Australia’s four largest banks are expected to bid to join the A$7 billion ($6.5 billion) financing of Gina Rinehart’s Roy Hill mine development by today’s deadline, four people familiar with the matter said.
The board of the U.S. Export-Import Bank, an independent federal lending agency, gave preliminary approval for $694 million in financing for billionaire Gina Rinehart’s Roy Hill iron ore project in Australia.
South Stream Transport BV is seeking about 10 billion euros ($14 billion) of loans to help fund the joint-venture’s gas pipeline under the Black Sea, according to two people with knowledge of the financing.
Middle Eastern and North African companies planning $740 billion in energy projects will need to tap foreign export credit agencies and local banks as commercial lending to the industry slumps to a nine-year low.
Roy Hill Holdings Pty, Australian billionaire Gina Rinehart’s unit that’s seeking to raise A$7 billion ($7.3 billion) in debt to build an iron ore mine, said it expects to complete funding by the end of the year.
Santos Ltd., the Australian energy company building the $16 billion Gladstone liquefied natural gas project in Queensland state, obtained $1.2 billion in debt facilities backed by three government export credit agencies.
The U.S. Export-Import Bank’s ability to compete with similar lenders from nations including China and Brazil has been hurt by questions stemming from last year’s reauthorization fight, according to the bank’s chairman.