Roy Hill is set to expand its operations after officially taking over the mine, rail and port activities from EPC contractor Samsung C&T.
The $10bn Roy Hill project is located in the Pilbara region of Western Australia and will now boost its operations to achieve a design capacity of 55 million tonnes per annum.
The company is currently focusing on building product stockpiles at the mine and port and is getting ready for the loading of its third shipment.
Roy Hill CEO Barry Fitzgerald said: "Roy Hill is a long-term operation, with a long-term outlook.
"We are a low-cost producer, with low phosphorous impurities, significant lump ratio, consistent quality and with approximately 90% of Roy Hill’s quality product already under long-term contracts.
"Roy Hill will deliver considerable benefits to the Western Australian and Australian economies for many years to come."
The news follows Hancock Prospecting’s announcement regarding the starting of iron ore shipping from the Roy Hill Project in December 2015.
The shipment started from Port Hedland on the Mv Anangel Explorer tanker to Posco’s steel mills in South Korea.
Hancock Prospecting owns a 70% interest in the project. The remaining 30% stake is held by a consortia comprising Posco (12.5%), Marubeni (15%), and China Steel (2.5%).
Image: Roy Hill project is located in the Pilbara region of Western Australia. Photo: courtesy of Roy Hill.