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Citic Pacific Mining is developing a $5.2 billion iron ore project 100 kilometres south-west of Karratha.
It is the largest planned magnetite mining and processing operation in Australia and an example of China's large scale investment in Australian mining.
Production plans hit a hurdle yesterday when Citic Pacific Chairman Larry Yung announced a 40 per cent increase in capital expenditure needs, from $2.5 million to $3.5 billion.
He says $1 billion of the funding will be needed this year.
Mr Yung has told a press conference in Hong Kong the increase was due to the appreciation of the Australian dollar against the greenback.
Source: By Australian Broadcasting Corporation
Posted March 17th, 2008 by seher
