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.
Brazil’s transportation regulator ANTT has rejected a request from Vale, the world’s top iron ore producer, to change its production goals for the Carajas Railroad this year, according to a notice by the Official Gazette on Monday.
Production goals for Vale’s Carajas project, the world’s largest open-air iron ore mine, are directly tied to cargo shipments on its railroad there, which carries output to Brazil’s Ponta da Madeira port.
ANTT’s resolution maintains previously defined production goals for Carajas. Neither Vale nor ANTT could be immediately be reached for comment.
Vale said last month its so-called northern system, which includes the Carajas, Serra Leste and S11D mines in the state of Para, saw record quarterly production in the third quarter.
(Reporting by Luciano Costa and Marta Nogueira; Editing by Bernadette Baum)
