BHP invests £822m in new Australia mine
Mining giant BHP Billiton said it had approved an $822m investment for the development of a new mine in Western Australia.
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.
The new Orebody 24 mine will have potential capacity of 17 m tonnes per annum and will include the construction of an ore crushing plant, train loadout facility, rail spur and other associated support facilities.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Thousands of estates are sitting unclaimed in the UK – is your family name on the list?
More than 5,700 unclaimed estates are on a government list waiting to be found by living relatives. We take a look at the list, and explain how to make a claim
-
420,000 more pensioners to be dragged into paying income tax – how does tax on the state pension work?
Hundreds of thousands more pensioners will need to pay tax on their pension income at the end of this tax year, new HMRC data shows. We look at how taxation on the state pension works.