30% Stake in Roy Hill for Sale

Hancock Prospecting has today confirmed it will sell a 30% stake in its Roy Hill project.
The 9.5 billion dollar project that is based in the Pilbara is being sold down as the company starts talks over debt financing.

Barry Fitzgerald, executive general manager of carbon steel materials, would not confirm which companies will make up the 30% stake.

"Now that's all I'm going to say - the conjecture of the press, the different comments, the different percentages, I shan't comment on,'' he told a business conference in Perth. 

"What I will say is negotiations are continuing. In terms of equity at the present time, we continue to move towards the view of selling 30 per cent but there is some flexibility depending on what the circumstance are at the time."

POSCO, the exsiting join venture partner with Hancock did day however, that they were increasing their stake from 3.75% to 15%

Mr Fitzgerald said he was confident the company would get approval for debt financing, with the company having already appointed co-lead financiers, believed to be the National Australia Bank and BNP Paribas.

It is speculated the financiers are seeking $7 billion on behalf of Hancock.
Mr Fitzgerald said today it would be a large debt raising and the company was seeking "ebt from banks around the world”.

“…we have commenced active discussions with a number of leading institutions,” he said, adding that formal talks would start once documentation had been finalised.

City Link Works Scheduled to Commence

Major road works will commence next month as part of the Perth City Link project.

Work will being on Barrack Street Bridge in mid April until later in the year. Wellington street works will also being from Barrack Street to William Street until mid 2013.

Perth City Link Rail Alliance manager John Anderson said the road works, which include closing and removing the staircase on the Wellington Street side of the Horseshoe Bridge, would allow for the upgrades at Perth station.

He also said the Alliance aimed to restrict the works to limited areas, so there would be minimal vehicle congestion and bus services could run.

“We have also ensured pedestrian access has been maintained between Perth Station and Forrest Place and into Citiplace from Barrack Street,” he said.

Wellington Street will be one lane in both directions from William Street to Forrest Place, with the two westbound lanes re-opening later in the year, while the southbound lanes on Barrack Street will also be closed.

Barrack street CAT stop will be moved to the Art Gallery of WA on Beaufort Street.

The Wellington Street bus stops between William and Barrack streets will be closed from May until later in the year.

Traffic maps are available at perthcitylink.wa.gov.au.