CAP Approves $916m Iron Ore Projects

2 September 2010 (Last Updated September 2nd, 2010 18:30)

Chilean steel and iron ore producer CAP has approved $916.5m to develop and expand two iron ore projects. The company will invest $574.5m to develop its Cerro Negro Norte project and $342m to expand its Colorados deposit. In a statement, CAP said the projects will increase output

Chilean steel and iron ore producer CAP has approved $916.5m to develop and expand two iron ore projects.

The company will invest $574.5m to develop its Cerro Negro Norte project and $342m to expand its Colorados deposit.

In a statement, CAP said the projects will increase output capacity to around 17 million tons of iron products from a previous capacity of 11 million tons, reports Reuters.