China Metallurgical eyes Australia iron ore mine

China Metallurgical Group Corp has announced plans to develop an iron ore mine in Western Australia with construction starting in mid-2012 and operations starting by 2015.

The press release is quoted as saying:

According to plans lodged with the Australian government, China Metallurgical plans to initially mine 55 million tonnes of low-grade magnetite iron ore at its Cape Lambert iron ore project, which it will then process into a magnetite concentrate at a rate of 15 million tonnes a year.

Click here to access the entire press release