OneSteel is going to set up an iron ore mine near Whyalla in South Australia.
The South Australian Government has already given the company approval to begin operations. The Iron Chieftain Mine is located 40 km west of Whyalla.
The project pleases Premier Mike Rann as it is likely to generate security for 650 jobs that people are working for at the company as of now. With this South Australia will have 13 mines in operation once Iron Chieftain Mine begins production in the year 2011.
The $350 million mining venture for OneSteel will give Australia’s largest manufacturer and distributor of steel products a boost in raw material. OneSteel is into production of structural, rail, rod, merchant bar, reinforcing, wire, tube and pipeline steel products.