Chris Ellison’s Mineral Resources is push ahead with $3 billion iron ore project in the Pilbara with the backing of China biggest steelmaker
Chris Ellison’s Mineral Resources has pulled the trigger on a $3 billion iron ore project with the backing of China’s biggest steelmaker, state-owned Baowu, in a sign Beijing is still willing to invest in Australian mining despite tensions with Canberra.
The partners are targeting stage one production of 35 million tonnes a year and eyeing first shipments as early as December next year. Mr Ellison said the project would stack up through commodity price cycles. The Platts benchmark price for ore with 62 per cent iron was $US105.80 per tonne last week with some analysts predicting it will fall further.
“Achieving FID from all joint venture partners is a testimony to the project’s credentials and demonstrates the high level of confidence all parties have in this project, which is set to redefine mining in WA.
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