Author: Paul Ploumis12 Sep 2014 Last updated at 05:02:13 GMT
BEIJING (Scrap Monster):POSCO, a multinational steel company, located in South Korea, and Bao Steel, a state owned iron and steel, located in China, have agreed together to go on with the 7 billion dollars worth iron ore project located in Western Austrialia, even after the cut down on low cost.
When all other rafts have been shelved, POSCO is continuing the company’s iron ore project, along with that, Gina Rinehart is supporting POSCO to start its 10 million project, which is a low cost project and also has rail lines and port.
The POSCO representative of Australia, stated that, the company had a joint relationship with Rio Tinto and BHP, but now the company is seeking small miners along with the infrastructure.
He also stated that, the company would like to have a continuous source of iron ore as POSCO is an end user.
The 50% owners of iron ore project, the West PilbaraIron Ore Project, The American Metals and Coal International, the investor and POSCO, has agreed to pass the plan to seek help from Australia’s Aurizon Holdings Ltd and Baosteel to build ports and railways for the project. Recently, both the companies shared 50% each of API joint ventures, that is owned by the Aquila Resources worth 1.4 billion dollars.