Western Australia Plans to Double Iron Ore Exports by 2020

Reuters reported Western Australia is looking to acquire land for a new port on the expectation iron ore exports will double by 202o.

As quoted in the market news:

Miners, including BHP Billiton and Rio Tinto , are spending billions of dollars to boost their iron ore output, convinced top market China’s modernisation bid will sustain demand over the long term.

The proposed Anketell port, located near the Cape Lambert port used exclusively by miner Rio Tinto to ship ore, will be developed in stages as a multi-user terminal, with an ultimate annual export capacity of more than 350 million tonnes, according to a statement issued by Western Australia state premier Colin Barnett on Wednesday.

Click here to read the full Reuters report.