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.
Anglo American said on Tuesday its board had approved the $1.7 billion Grosvenor metallurgical coal project in Queensland, Australia, which is expected to produce five million tonnes per year over a projected life of 26 years. The London-based diversified miner said it plans to triple production of met coal in Australia over the next 8 years.
Cynthia Carroll, Chief Executive of Anglo American, said in a statement: “Anglo American is delivering substantial near term production growth, across our copper, nickel and iron ore businesses, with two of our four major strategic growth projects already coming on stream during 2011. Grosvenor is the first of our next phase growth projects and will initiate our industry leading production growth of metallurgical coal from our Australian business over the next decade.”
The Grosvenor project is 100% owned by Anglo American and forms a major part of the group’s strategy of tripling production of metallurgical coal from its Australian assets by 2020 using a standard longwall and coal handling and preparation plant (CHPP) design model. In its first phase of development, Grosvenor will consist of a single new underground longwall mine, targeting the same well understood Goonyella Middle coal seam as Moranbah North, and will process its coal through the existing Moranbah North CHPP and train loading facilities. A pre-feasibility study for expansion by adding a second longwall at Grosvenor is under way.
The company said first development coal from Grosvenor is expected in 2013 and the commissioning of the longwall in 2016 adding that Grosvenor has received approval of its Environmental Impact Statement, the project’s Environmental Authority is in train and the key Mining Lease is anticipated in Q1 2012.
