One of Australia’s biggest mining projects received a windfall in March when Japanese financiers put up about $2.7 billion to help complete its construction.
The $10 billion iron ore project called Roy Hill in Western Australia, which is run by Australia’s richest person Gina Rinehart, is one of a fast-growing number of construction sites around the world welcoming Japanese capital.
Japan’s banks are once again the world’s biggest creditors, a position they’ve not occupied since the late eighties when they financed such white elephant deals as Mitsubishi Estate's purchase of the Rockefeller Center in New York in 1989.
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