Print Edition - 2018-06-16  |  Money Digest

BHP approves $2.9b Australian iron ore mine

SYDNEY

Jun 16, 2018-

Mining giant BHP on Friday approved a new $2.9 billion mine in resource-rich northwestern Australia as the country’s top iron ore producers race to meet Chinese demand for higher-quality metals. China—the planet’s largest commodities consumer—has been seeking cleaner, higher-grade raw materials such as iron ore as it cracks down on pollution and inefficiency in the steel-making industry. The new South Flank project in the central Pilbara will increase BHP’s average iron grade from 61 percent to 62 percent and eventually replace production from its Yandi mine, which is reaching the end of its life. “The project will allow us to benefit from price premiums for higher-quality lump and fines products,” BHP’s president Mike Henry said. (AFP)

Published: 16-06-2018 10:04

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