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Stockhead – Roy Hill banker on board for Razorback financing as Magnetite Mines calls in the heavy hitters

14 December 2021


Iron ore mine developer Magnetite Mines has called in the heavy hitters to assist its efforts to finance the Razorback magnetite iron ore project in South Australia.

Magnetite Mines (ASX:MGT) has brought Sam Chee on board as the company’s strategic advisor for project financing.

The investment banker has over 27 years of banking and finance experience across financial advisory, debt arrangements and structuring mandates in mining, energy and infrastructure.

But most notably he was a key figure in the US$7.2 billion funding package that bankrolled Gina Rinehart’s Roy Hill mine — the largest debt financing for any greenfields mining project in the world.

Now handsomely paid off through several years of strong profits driven by high iron ore prices, the complex Roy Hill deal included loans and guarantees from five export credit agencies and a consortium of 19 banks from Australia, Japan, Europe, China and Singapore.

In particular, all four of Australia’s major banks took part.

Chee’s acumen and networks were built through a range of roles including a recent stint as Sumitomo Mitsui Banking Corporation’s deputy general manager and head of mining and metals project finance.

His career stops also include ANZ, WestLB, NM Rothschild, NAB and PwC.

That experience will benefit Magnetite as it sources funding for Razorback, a South Australian mine which promises to be among the next generation of high grade projects required to fuel the steel industry’s shift to low emissions processing technology.

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