Chang Zhenming, chairman of Hong Kong-based conglomerate CITIC Pacific, has stated at China's 12th National People's Congress (NPC), that the company's Sino Iron project in Western Australia will probably achieve an annual output of 5 million mt of iron ore by the end of 2013.
Investment in the project, which was acquired by CITIC Pacific in 2006, had already reached $8 billion by July last year. The project is expected to need another $1-2 billion in investment in the coming years.