Posted on 16 Mar 2022
As the price of raw materials for steel production soared, the biggest South Korean steelmaker POSCO and Australia's leading mining company Hancock Prospecting Pty Ltd have agreed to restart a long-dormant iron ore development project. The project was said to contain more than 150 million tons of ore with an iron content of over 60%.
Development of the Hardey project was initially estimated at US$7.4 billion, but as developers agreed with export using Roy Hill Railway, ports, and other infrastructure, thereby reducing costs and the need to build a new railway.
POSCO and partners' preliminary annual production at the Hardey project was expected to reach 40 million tons from the fourth quarter of 2023.
Source:Yieh
