September 06,
China Metallurgical Group Corp has unveiled plans to develop an Iron ore mine in Western Australia with construction starting in mid-2012 and operations starting by 2015, the Australian Financial Review said today.
According to plans lodged with the Australian government, China Metallurgical plans to initially mine 55 MT of low-grade magnetite Iron ore at its Cape Lambert Iron ore project, which it will then process into a magnetite concentrate at a rate of 15 Mt a year.
China’s rapid economic growth and increasing appetite for natural resources such as Iron ore and coal has fuelled Australia’s mining companies to expand their operations in China so as to meet the growing demand.
Global miner Rio Tinto is planning to expand Iron ore output to 330 Mt a year in Western Australia’s Pilbara region while smaller miners like Fortescue Metals and Atlas Iron are also planning to raise their production.
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