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Roy Hill secures deals to sell over 90% of annual iron ore production

Roy Hill Holdings Pty Ltd. has secured contracts for the sale of more than 90%, or 50 million tonnes, of the expected annual iron ore production from the Roy Hill mine in Western Australia, Metal Bulletin reported Sept. 27, citing CEO Barry Fitzgerald.

About 50% of the contracted volumes will be sold to Chinese mills, while the remainder will be shipped to customers in Japan, South Korea and Taiwan.

For the first nine months of the year, the company expects iron ore shipments to total 14.1 million tonnes, Fitzgerald said in a presentation at the China International Steel & Raw Materials Conference 2016.

The first shipment of Roy Hill iron ore was made in December 2015 after several delays.

Previously, Fitzgerald said the ramp-up of the Roy Hill mine to its full capacity of 55 million tonnes per annum has been delayed to 2017 from later this year due to issues at its port and processing plant.

The remaining 5 million tonnes per year of capacity may also be locked up in term contracts, according to a source.

Another source told the news outlet that Roy Hill's products have been well accepted by Chinese end-users.