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.
BHP Billiton (NYSE:BHP) has approved close to a billion dollars to construct a new port facility in Western Australia.
The world’s largest miner said the iron ore facility at Port Hedland’s outer harbour will have a capacity of 100 million tonnes per year, with an option to expand another 100 mtpa.
The funds will initially be spent on feasibility studies and the procurement of items requiring long lead times, said BHP. Dredging will begin upon regulatory approvals and engineering studies are underway regarding mine and rail expansions needed to match the expanded port capacity.
Included in the first construction phase are a 4-kilometre jetty, a fourth-berth wharf, a 32-kilometre dregded channel, stockyards and a rail spur. The port is targeted to begin operation in the first half of 2016.
“This investment is an important first step in providing the infrastructure to allow us to fully develop our world class resource base in the Pilbara, BHP Billiton President Iron Ore, Ian Ashby, said in a statement.
BHP has plans to ramp up production in the Pilbara to triple its current levels, from 155 million tonnes per year to 450 million, by adding infrastructure and building new mines.
