Gina Rinehart ’s Hancock Prospecting will proceed with plans to raise up to $7 billion in debt financing now that it has formally secured 30 per cent of the Roy Hill iron ore project from a consortium of Japanese and South Korean companies.

Japan’s Marubeni has entered the project as a new joint venture partner with a 12.5 per cent stake, with South Korea’s Posco and STX to hold 12.5 per cent and 5 per cent of the consortium, respectively.