Marubeni 'eyes stake in iron ore mine'

Japanese trading house Marubeni intends to take a 12.5 percent stake in one of the world's biggest iron ore mines in Australia for some $1.6 billion, according to a report. Marubeni aims to sign a deal by the end of March for the stake in the Roy Hill iron ore project in the state of Western Australia, owned by Hancock Prospecting Pty, the Nikkei newspaper said. South Korean steelmaker Posco is also planning to take a 15-percent stake in the project, which could start production in 2014 with an annual output expected around 55 million tons, Nikkei said. The Japanese government will consider providing financial assistance for the project, as the nation relies on imports for all its iron ore needs, the newspaper added.