May 16, 2017 / News
Approval has been granted for Iron Road and now the wheels are in motion for the $4.5 billion Central Eyre Iron Ore Project (CEIOP).The Central Eyre Iron Ore Project is a massive undertaking that involves the construction of mine, port and rail infrastructure. These developments will enable the extraction and transportation of high-grade iron-ore. The port will also be utilised to export other goods for South Australia.
This mine will be the largest magnetite mine in Australia, producing a whopping 21.5 million tonnes per annum. Its location on the Eyre Peninsula of South Australia sits on a cluster of three iron occurrences: Warramboo, Kopi and Hambidge. The site of this project is extremely bountiful in high-quality iron ore, boasting an expected mine life of over 25 years. Also, the location of the Central Eyre Iron Ore Project, along South Australia's coast, is beneficial as it allows for easy extraction and will provide good options for power and necessary infrastructure.
South Australia's Central Eyre Iron Ore Project will help stimulate the state's economy, through additional investment in the region, generation of revenue, development of foreign relations, and the creation of an additional 2000 jobs during construction and 700 on-going jobs to take care of operations. The existence of the Central Eyre Iron Ore Project is important for South Australia, as the state experienced relatively high uneployment rates, in comparison to other states and territories, and the health of the economy had been in decline.
The CEIOP is well on its way to achieving final approval and securing debt and equity financing to fund the project.The CEIOP has attracted significant attention from major Chinese investors, such as the Industrial and Commercial Bank of China, China Development Bank and China Construction Bank. Also, the China Railway Group Limited (CREC) has expressed interest in providing equity for the project. This is significant as the CREC is a crucial strategic partner, as it is amongst China's largest state-owned enterprises and presents the opportunity to develop strong bonds with China.
The Central Eyre Iron Ore Project is set to be a valuable investment that will provide significant benefits for its stakeholders, such as the state and federal governments, the local community, investors, the company itself, and so on.
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