Mineral exploration company, Magnetite Mines has high hopes for what it expects to be one of the world's largest magnetite iron ore sites.
Feasibility studies are already underway, and the next step is to secure $4b in financing to mine the deposit. Discussions are underway with the South Australian Government and Chinese investors about the project.
Chairman of Magnetite Mines, Gordon Toll hopes that construction of a mine could get underway next year.
Mawson Iron Ore Project. Source: Magnetite Mines
"Right at the beginning of any mining project, there's a huge amount of earthwork that needs to be done, and there's earthworks contractors here in Broken Hill," Mr Toll said.
Given that Broken Hill is a mining town, the potential new mine is an exciting prospect for the skilled locals looking for work. Broken Hill Councillor Darriea Turley has said that the city will push for local involvement in the mine.
Residents and businesses at Broken Hill have been briefed about plans for the potential mine. Stay tuned for any project developments and potential job opportunities at the site.
Source: ABC News