After years of carping from commentators, a major win for Gina Rinehart as financing is secured for the colossal $10 billion Roy Hill iron ore project, including through Australia's major banks.
Rinehart's father Lang Hangcock was initially famous for having discovered the world's largest iron ore deposit in 1952, having been forced by inclement weather to fly at low altitude on a flight to Perth.
The US$7.2 billion (A$7.9 billion) debt package is said to be one of the greatest ever secured for a resources project that is based upon land.
Formerly listed as the world's richest woman, Forbes now estimates Rinehart to worth around US$17 billion.
The mine is expected to begin churning out iron ore by 2016 and will ramp up production to a monstrous 55 million tonnes per annum by 2018.
The iron ore price is currently hovering around US$110/tonne, helped further by an Aussie dollar that has receded to around 90 cents from above parity.
Clearly this level of new supply will add to downward pressure to the commodity price, but the sheer scale of the project should allow it to be a low-cost producer at around $80/tonne.
Sydney Morning Herald reported.
"Gina Rinehart's lifelong ambition to fulfil the dream she shared with her father Lang Hancock to build their own iron ore mine became a reality on Thursday night when she signed a $US7.2 billion ($7.9 billion) debt package to bankroll the Roy Hill project.