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.
Mitsubishi Corp. revealed earlier this week that it is shelving work on its Oakajee port and rail project in Western Australia, cutting jobs and spending at the site.
Mitsubishi cited economic conditions and sluggish progress in securing a China equity partner for the venture as reasons for suspending the project.
The Mid West Chamber of Commerce and Industry said today, however, that the announcement does not signify the end of the project’s development.
Chamber CEO Bill Headley acknowledged that Mitsubishi did not have many options left in the scenario. “I think it’s a prudent management decision by Mitsubishi,” Headley said.
Headley noted that he believes Mitsubishi will come back to the project at a later date. “They are a very astute business and I don’t see them walking away at all,” he said.
Source (English): ABC News via BrightWire News.
