This time, Rinehart personally led the way in obtaining $7.2 billion in debt funding for construction, finally securing a deal in March last year. By September, Rinehart wants to see the first ore from the mine ready for loading.
"In terms of the iron ore price, I wish it was two years ago. All we can do is deal with the situation we have," said Roy Hill Chief Executive Barry Fitzgerald.
"There's no doubt both the shareholders and the financiers would like us very much to complete the project, to commission it and then ramp up as efficiently and as effectively as we can."
Roy Hill hopes to set itself apart through its international partners, who hold a combined 30 percent stake and plan to buy half the mine's output.
That cuts exposure to China, which accounts for the bulk of the world's seaborne iron ore market, but where signs are emerging that demand is peaking.
The mine should also benefit from the quality of its ore. About 60 percent of the mine's yield will be in lump form, which fetches about a $10 per tone premium over the benchmark as it requires less processing.
But the project still faces hurdles, with production costs likely to be above its larger rivals given the need to mine deeper to get at its ore, according to analysts.
"The trajectory of the iron ore price pretty much caught everyone by surprise, and Roy Hill is no different," said Patersons Securities analyst Rob Brierley. "They are putting on a brave face."
For rival producers, it will simply mean more supply. Cliffs Natural Resources, which is trying to sell its only Australian iron ore mine because it can't compete, has no doubts about the wider impact.
"It's a bad time to bring a mine into a market that doesn't need more supply," said Lourenco Gonclaves, Cliffs CEO. "Roy Hill's timing is bad, no, it is terrible."