China Metallurgical Group Corp plans to develop an iron ore mine in Western Australia.
Construction of the Cape Lambert iron ore mine will start by mid-2012 and operations will begin by 2015, reports the Australian Financial Review.
The company will initially mine 55 million tons of low-grade magnetite iron ore followed by production of magnetite concentrate at a rate of 15 million tons a year.
The company will eventually increase production to 25 million tons a year at the mine, which has a 25-year life.
A 300MW natural gas-fired power generator and a desalination plant will also be built as a part of the development project.