China Metallurgical Group Corp has unveiled plans to develop an iron ore mine in western Australia Reuters reports, citing the Australian Financial Review.
The construction of its Cape Lambert project will start in mid-2012 and start operation by 2015, the report said.
China Metallurgical plans to mine 55Mt of low-grade magnetite iron ore at the project and then process it into a magnetite concentrate at a rate of 15Mt/y, according to the report.
The Beijing-based company plans to boost the annual magnetite concentrate production to 25Mt eventually and expects to be mining at the project for about 25 years.
A 300MW natural gas-fired power generator and a desalination plant will also be built as part of the development plan, the report said.