POSCO is ready to restart the Hardey iron ore project.
POSCO has planned to restart the Hardey iron ore project near Roy Hill in Western Australia's Pilbara region following rising iron ore prices.
Australian Premium Iron's (API) Hardey iron ore project in Western Australia has been put on hold since API was established in 2010 as a joint venture between POSCO and Hancock Prospecting. However, after the recent increase in iron ore prices, POSCO decided to restart the project to ensure a stable raw material supply.
POSCO has planned to increase its annual molten iron production from 40 million tons in 2021 to 60 million tons in 2030. Once the Hardey project is commissioned, POSCO will increase its iron ore self-sufficiency rate to 50%.
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