Mining giant BHP Billiton said it had approved an $822m investment for the development of a new mine in Western Australia.
BHP said the mine, which is located approximately 10 kilometres north-east of Newman, Western Australia, would help maintain iron ore production output from its Newman Joint Venture operations.
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Initial mining from Orebody 24 will start in the second half of 2012, BHP said.
"The Orebody 24 development is consistent with our strategy to invest in high quality, expandable resource basins and highlights the benefits of our ability to leverage existing infrastructure to sustain current production," said Ian Ashby, president, iron ore at BHP.
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