South Korean steelmaker, Posco, has collected around 50bn won ($42.47mn) in dividends from Roy Hill holdings, the iron ore bulk miner operating in the Pilbara region of West Australia.
The integrated steel company, that produces 41mn mt of crude steel per year, said the Roy Hill board has agreed to begin profit sharing for the first time, following the achievement of financial improvements, according to news reports.
Majority shareholder, Hancock Prospecting owns 70pc of Roy Hill with the remaining shares held through a consortium that includes Posco, which holds a 12.5pc stake, Marubeni at 15pc, and China Steel at 2.5pc. The full payment set for distribution totals AUD$475mn.
Roy Hill is the largest single mine in Australia with an iron ore reserve of about 2.3bn mt and an annual production capacity of 60mn mt. The miner exports 55mn mt of iron ore per year making it the fifth-largest global exporter to key markets that include China, Japan, Korea, and Taiwan.