Hope Downs is a group of iron ore deposits in Western Australia's Pilbara region, estimated to contain around 850 million tonnes of mineable ore.

Hope Downs is owned by Hancock Prospecting Pty Ltd.

Minchin said the approval will mean a boost for the Western Australian economy and will give Hope Down a streamlined decision making process for necessary government approvals.

"Development of this project will involve capital expenditure of $420 million and provide a significant boost to the West Australian economy generating $350 million per annum in export earnings within five to seven years," he said.

"The project will provide a boost to Australian and regional engineering and manufacturing enterprises from the sourcing of Australian designed and fabricated mining and processing equipment.

Minchin added that the project was expected to create around 500 during construction and around 240 permanent jobs.

The project is expected to get commitment to proceed in late 2002 with the mine becoming operational in 2004.

Hope Downs is now seeking rail and port infrastructure arrangements with existing iron ore producers.

It is also undergoing a $25 million bank feasibility study which is expected to be completed in April 2002.

 

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