April 03, 2017 / News
A Memorandum of Understanding (MoU) has been signed between BBI Group (BBIG) and the China State Construction Engineering Corporation (CSCEC), to develop the $6 billion Balla Balla iron ore project in Western Australia. The CSCEC is one of the largest companies in China and one of the largest construction companies in the world, making it a significant event for the Australian construction industry, as well as internationally. Prime Minister Malcolm Turnbull and Chinese premier Li Keqiang were in attendance when both companies signed the agreement in Canberra.
The iron ore mine is projected to produce six to ten million tonnes of iron ore per annum. Approximately 3300 workers will be required for the construction of the mine, and once operations begin, 900 permanent positions are expected to be created. In the agreement, it is stipulated that both companies will unite to ensure that the project is constructed and operated by suitably qualified and experienced Pilbara contractors. This will aid in boosting employment opportunities for local workers and enhancing the state of the domestic economy.
This partnership with China is also another step in strengthening international relations and will help to open the door for further large-scale partnership opportunities for Australian construction companies. As the world becomes more and more globalised, continued growth in the Australian construction industry will be increasingly influenced by its relations and partnerships with overseas companies. They will increasingly provide the opportunities, resources, and expertise required to help breathe new life into the construction industry, enable it to go from strength to strength, and generate local jobs.
The Balla Balla iron ore project is a significant undertaking that marks a milestone for positive relations between China and Australia in terms of construction.
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