Development to Start for Hope Downs Iron Ore Mine
South African iron ore miner, Kumba Resources announced on Tuesday it and Hancock Prospecting of Australia, which is the partner of joint venture to develop new iron ore mine of Hope Downs in Western Australia, reached the option agreement to sell Kumba's 50% interest in the JV to Hancock. With the settlement after court battle, which delayed the development, the project will move forward. The project with around 30 million tonnes of annual production, for which Japanese 5 major steels will support, will provide alternative source for the tight supply and 3-majors' oligopoly market.
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