Iron ore project of OneSteel approved

Iron ore project of OneSteel approved

According to recent news in the market, iron ore project of Australian company OneSteel regarding the Middleback Ranges iron ore operation in South Australia has recently been approved by the board of the company following the completion of the feasibility study on the operation. As reported by SteelOrbis last week, OneSteel announced that it plans to invest $250 million to expand the subject operation, which supplies raw material to company's Whyalla steelworks. OneSteel expects its revenue to increase by more than $1 billion within ten years after the project is completed. The iron ore project is scheduled to be operational by 2006.