Sao Paulo — Shougang Hierro Peru foresees doubling its iron ore production to 20 million mt/year following the startup of a processing plant, Peru's mining ministry said Thursday.
Company investments in the processing plant totaled $1.1 billion, the ministry said in a statement. The timing of the startup of the plant was not provided.
The production plan dates back to 2012, when SHP received its first funding approval of $240 million for the project. All the production will continue being exported to SHP's Chinese parent company.
In the first half of the year, SHP shipped 7.80 million mt of iron ore, up 17.4% from the 6.64 million mt it shipped in the year-ago period.
