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Admiralty investing $70 million in Chilean project

May 02, 2018 | 08:00 PM |

Australian miner Admiralty Resources will invest around $70 million in developing the Mariposa iron ore project in Chile’s northern Atacama region, now that approval has been granted by national environmental agency Servicio de Evaluación Ambiental (SEA). The Mariposa project is scheduled to come on stream at the end of 2018.

The company intends to produce 771,000 tonnes per year of iron ore, with an iron content of about 65%, for an 18-year period, a SEA report read. Output will be exported, mostly to the Asian market, through the Punta Totoralillo port, according to the Chilean agency.

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