Chilean steelmaker CAP has approved two iron ore mine projects in which it will invest an estimated $916.5M, reports Reuters.

The company said it would invest $574.5M to develop its Cerro Negro Norte project, and $342M to expand its Colorados deposit.

“Both projects will mean gradually, systematically increasing output capacity to around 17Mt of iron products, up from 11Mt,” CAP said in a statement to Chile's market regulator.

CAP said its board had also approved construction of a desalination plant, saying the company has earmarked $63.2M in investment for the project.