Roy Hill Iron Ore Mine to Begin Exporting in September 2015

Mineweb reported that Australian billionaire Gina Rinehart’s $10-billion Roy Hill iron ore mine will begin exporting in September 2015. The plan is for it to ship 5 million tonnes by the end of the year.

As quoted in the market news:

The mine is set to come online as iron ore is trading near six-year lows at just below $64 a tonne .IO62-CNI=SI and amid a deepening glut stoked by low-cost, global miners ramping up supply to ship more to China. The price has fallen a further 11 percent this year, stretching last year’s 47 percent slide.

Garry Torte, CFO of Roy Hill, stated:

We’re certainly on budget. We remain ahead of overall schedule.

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