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Hong Kong company buys Pilbara property
Posted 9 hours 41 minutes ago
Map: Karratha 6714
Hong Kong-based company Citic Pacific has bought a pastoral lease in north-west Western Australia where it hopes to build an iron ore mine and port.
The company bought the lease for Mardie Station in the Pilbara from the Thompson family earlier this month.
The 224,000 hectare lease is 100 kilometres south of Karratha and covers the proposed port at Cape Preston and the Balmoral iron ore deposit.
It is understood Citic paid between $15 and $20 million for the lease, which is well above its value as a grazing property.
The company, however, has retained the station manager to continue running it as a pastoral business.
Citic is planning to build a port, mine, pellet plant and accommodation village, but it is yet to receive the necessary amendments to a state agreement and receive government approval.
Tags: company-news, iron-ore, broome-6725, karratha-6714
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