BHP Billiton completes PACE project
According to recent industry news, Australian steel producer BHP Billiton has recently completed its Products and Capacity Expansion (PACE) project. The project, which is worth $351 million was announced by the company in April 2001. The project includes expansion of port and rail capacity at the Western Australian iron ore operations. The capacity is expected to reach 110 million tons per annum by the end of 2004. As a part of PACE project, new port facilities commenced operations on January 31, 2004. An official from BHP Billiton stated that PACE project was conducted due to increasing iron ore demand worldwide. As previously reported by SteelOrbis, BHP Billiton increased its metalurgical coal, lump and fine ore prices as a results of increasing demand, mainly fuelled by China.