On July 26, Korea Eximbank announced support of $250 million for the acquisition and development an Australian iron mine by POSCO.

POSCO hopes to purchase a 24.5% stake in a mine located in Pilbara in western Australia to secure development and long-term purchase rights for the mine.

The Bank will provide USD 250 million in loans, which is 42% of the needed USD 600 million needed by POSCO for the project.

AMCI of the US and Aquila of Australia each holds a 50% share of the iron mine with estimated deposits of approximately 742 million tons.

POSCO acquired shares in the mine from AMCI in July.

This project will secure the stable supply of 9.8 million tons of iron per year for 25 years beginning in 2014.

It is expected that Korea's self-development rate for iron will increase from 14.2% to 37.5%.

In 2009, Korea was the third largest biggest iron importing country, after China and Japan, and depends on imports it's consumed amount.

An official from Korea Eximbank stated, "To ensure the stable procurement of key resources, we will actively support the investment and M&A efforts of Korean companies in foreign mines."