Australia's Roy Hill mine shipped its first iron ore cargo on Thursday, marking the start up of the last of the mining-boom era mega projects in the country.
The first shipment from the $10 billion project, jointly owned by Hancock Prospecting, Japan's Marubeni, South Korean steelmaker Posco and Taiwan's China Steel Corp, came after a series of delays caused by safety and commissioning issues.
Roy Hill, with capacity to produce and ship 55 million tonnes of high grade iron ore annually, has secured long-term purchase contracts from steel mills in Asia including those in Japan for over 90 percent of the production, Marubeni said on Thursday.
The development has been led by Gina Rinehart, one of the world's wealthiest women, whose fortune comes from mining the rust-red northwestern Australian outback.
A Hancock Prospecting executive said the impact of the Roy Hill mine on an already oversupplied global iron ore market had been overstated, amid this week's plunge in prices for the raw material to record lows .
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