BHP Billiton announced approval for the Rapid Growth Project 4 which will increase system capacity across its Western Australian iron ore operations to 155 million tonnes per annum. Initial production is expected to commence in the first half of CY2010.
WME reports that BHP Billiton a sales deal worth USD9 billion from its Wheelarra project. Under the terms of the agreement, four mills will receive around 12 million tonnes/year of iron ore. The project will see the steel mills taking a 40% interest in a sub-lease over BHP Billiton's Jimblebar mine, near Newman in Western Australia. BHP Billiton will retain a 51% interest, with Japanese partners CI Minerals Australia and Mitsui Iron Ore Corporation taking minority holdings of 4.8% and 4.2% respectively.
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