Roy Hill project gets $700m boost

The $10 billion Roy Hill project has received a funding boost, with the Export-Import Bank of the United States approving a $US694 million loan to purchase American-made mining equipment.

The loan, which went before Congress for a 35-day review period, will allow American manufacturing giants Capterpillar, GE and Atlas Copco to provide mining equipment for the massive project.

"After a comprehensive review, the bank determined that this transaction represents a significant opportunity for American exporters to create and sustain American jobs," US Ex-Im Bank chairman Fred Hochberg said.

"Our financing positions American companies on a level playing field so they can close the sales and expand their homegrown workforces."

It is understood that the project is also close to sealing further loans from export credit agencies in Korea and Japan. 

Roy Hill Holdings, a joint venture between Hancock Prospecting, POSCO, Marubeni and China Steel Corporation, is in the process of securing about $7 billion in debt financing for the project, with around $4 billion expected to come from export credit agencies. 

The owners have funded development of the project with equity injections in the meantime.

Australia's big four banks are also reported to have submitted bids of up to $400 million to provide debt financing for the project.