Sino Iron Project Facts
The Sino Iron project is 100% owned by CITIC Pacific, which acquired the rights to extract two billion tonnes of magnetite iron ore resource from its mine at Cape Preston, 100 kilometres southwest of Karratha in Western Australia’s Pilbara region. The project currently has a mine life of 25 years.
CITIC Pacific has options to acquire an additional four billion tonnes of magnetite iron ore resource at the same location. In April 2012, CITIC Pacific exercised an option to acquire the right for one billion tonnes. Once this transaction is completed, the life of mine will extend to more than 30 years.
The Sino Iron project is being developed by CITIC Pacific Mining, a subsidiary of CITIC Pacific, with its headquarters in Perth and a representative office in Beijing. When completed, the project will have six production lines with the capacity to produce a total of 24 million tonnes of magnetite concentrate annually. Actual production volume will depend on the characteristics of the resource being mined. Contractually, no more than 27.6 million tonnes can be exported annually.
At peak of construction, about 4,000 people were engaged on the project. CITIC Pacific Mining employs about 1,000 people on a permanent basis.