Work starts on $2b iron ore mine Posted Sat Nov 28, 2009 12:20pm AEDT Updated Sat Nov 28, 2009 12:23pm AEDT
Map: Geraldton 6530 Construction of a $1.8 billion iron ore project in the state's Mid-West will officially get underway today.
Gindalbie Metals' Karara project, east of Geraldton, is one of the first large scale mining projects to get off the ground in the iron ore rich region.
The Premier Colin Barnett has joined company executives and representatives from the mining and resources sector for the official ground breaking ceremony at the site this morning.
The mine is expected to generate up to 15-hundred construction jobs and about 500 permanent positions once in production.
The mine is being developed as a 50/50 joint venture between Gindalbie and China's second largest steel producer Ansteel.
Earlier this year the Federal Government approved a deal to allow Ansteel to increase its stake in the West Australian miner to 36 per cent.
It is expected that construction of the mine could be completed as early as next year, with production tipped to commence by 2011.
The makets burped on Friday and may continue to do so,but for me GBG is still a long term play. The good news will keep coming and people will see what a big thing this is. Can't wait till 2015/16 but will have too!!!!
R&R
GBG Price at posting:
88.1¢ Sentiment: Hold Disclosure: Held
