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Hancock gets approval for $7.2bn iron ore rail link
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Hancock Prospecting has been given Western Australian Government approval to build a 300 km rail line connecting its iron ore deposits to Port Hedland.
Roy Holdings, the mining company's joint-venture with South Korean steelmaker POSCO, plans to ship the first load of iron ore in 2014 and ultimately export at a rate of 55m tonnes a year.
Hancock is owned by Australia's richest woman, Gina Rinehart.
POSCO wants to increase its existing 5% stake in the venture in a bid to reduce its dependence on imported iron ore and coking coal.
Construction of the $7.2bn rail line is expected to begin by mid-2011.
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