Mining equipment makers, miners clash over Roy Hill
Oct 03, 2013 | 11:21 AM
| Stacy Irish
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 Rineharts 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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