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.
-
8 of the best houses for sale with librariesThis week: the best houses for sale with libraries – from a five-storey Georgian townhouse in Bloomsbury, London, to a 15th-century property with a library in a medieval tower in Lozère, France
-
Investors pull money from UK equities as government warns of “painful” BudgetThe government’s post-election honeymoon period has been short-lived, and investors are shying away from UK equities as a result
