Rinehart’s Hancock weighs $3.3 billion iron ore mine project
Hancock acquired a 51% interest in the Mt Bevan project from Legacy Iron Ore Ltd. and Hawthorn Resources.
Reuters reports expansion at historic Mount Isa and start up of the Lady Loretta mine in Australia will help diversified miner Xstrata and commodities giant Glencore maintain market leadership for the metal.
That is despite the fact that Xstrata’s Canadian mines are set to stop producing next year. Combined output at Perseverance and Brunswick are 0.5 million tonnes per year.
A full merger of Glencore and Xstrata, now before shareholders, will make the group the world’s biggest zinc producer, with a controlled output of about 1.6 million tonnes and a 16 percent share of global zinc ore production.
