New Zealand corporation could develop massive iron ore mine in Australia
A new $5 billion iron ore project in Australia’s Pilbara region could create more than 1,200 jobs for the region and produce 6 to 10 Mt/a of iron if developed.
Australian Mining reported that Todd Corporation, one of New Zealand’s largest private companies, is set to develop the Balla Balla project between Port Hedland and Karratha, if it signs a state agreement with the Western Australian Government.
If given the green light, could create 3000 jobs during construction and 900 during production.
It is understood the project would require prices to remain above the projected US$50/t, with prices at $US80.41/t on Jan. 20.
One of the key aspects of the project is the railway and port, which would enable discoveries of other iron ore deposits deeper within the state.
Companies at neighboring deposits also believe the railway will be used by other miners, reducing Rio Tinto, Fortescue, and BHP’s transportation monopoly.
Todd Corporation comprises a range of other businesses across the mining, energy, and healthcare sectors. It has been developing resources in the Pilbara for a number of years, recently acquiring a majority stake in Flinders Mines.
State development minister Bill Marmion welcomed the potential new project as it would boost jobs in the region.
“This project shows that there is still great interest and investment opportunities in the WA resources sector and the Barnett Government is best placed to facilitate opportunities such as this,” he said.