BHP Billiton approves $575 million iron ore project
According to the statement released by Australian mining company BHP Billiton, the company has recently approved $575 million project in Western Australia which will expand iron ore capacity from 110 million tons to 118 million tons per annum in the second half of 2006 fiscal year. The project is called Rapid Growth Project 2 (RGP2). BHP Billiton officials stated that through the capacity expansion, they want to ensure that they can meet the rising raw material demand for steelmaking for their customers. RGP2 includes development of Orebody 18 and increasing the capacity of the resource from the initial 8 million tons to 12 million tons, modification of the Orebody 25 mine so that the mine will be able to produce lump and fine ores and installation of additional port and rail capacity.