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.
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.
-
How retirement pots risk running out 11 years early if inflation remains highPension savers could find their retirement income may not last as long as they anticipated over fears that inflation may not slow down
-
How extending stealth tax freeze would cancel out pensioners’ Winter Fuel Payment by 2030Pensioners relying on just the full new state pension face paying tax on their income within a few years, as the payment rises but thresholds remain frozen
