Mining equipment makers, miners clash over Roy Hill

Oct 03, 2013 | 11:21 AM | Stacy Irish

Tags  Roy Hill iron ore mine, Western Australia, Caterpillar, Cliffs Natural Resources, iron ore, mining equipment, Hancock Prospecting, Gina Rinehart Congress

NEW YORK — The U.S. mining equipment industry and miners are clashing over a government-backed financing plan for the development of the Roy Hill iron ore mine in Western Australia.

Peoria, Ill.-based Caterpillar Inc. said the U.S. mining equipment industry faces more than $500 million in potential lost sales if miners succeed in opposing the $650-million financing for Roy Hill, which is 70-percent owned by Gina Rinehart’s Hancock Prospecting Pty. Ltd.

Meanwhile, Cleveland-based Cliffs Natural Resources Inc., backed by senators from Minnesota and Michigan, has led objections against the loan, saying it promotes competition against U.S. companies.....

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