Korean steel giant POSCO will be developing the world's largest iron ore mine in Australia.

In a joint venture with Japanese trading firm Marubeni, POSCO has sealed a deal to expand its stake in the Roy Hill project in Australia to 15%, while Marubeni will take over 12-and-a-half percent.

Production and shipping are planned to begin in 2014 after both companies build and renovate railroads and ports.

The Roy Hill iron ore mine is expected to produce 55 million tons annually which would make it the world's most productive, single mine.

POSCO's takeover is estimated to be worth around USD 1.6 billion.

Source - www.arirang.co.kr

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