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What does the Sino Iron project mean for our employees?

We are West Australians.

Close to 98 per cent of us are Australian residents. We do our best to see this project succeed for shareholders and for Western Australia.

We rely on this project to put food on our tables and to secure the economic future of ourselves and our families, for many years to come.

How valuable is Sino Iron to WA?

Deloitte Access Economics has conducted an economic impact assessment over the life of CITIC Pacific Mining’s Sino Iron project, calculated to 2056. Click the below video to find out more.

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Sino Iron delivers value to WA

CITIC Pacific Mining’s Sino Iron project is Australia’s largest magnetite operation, delivering massive benefits to Western Australia. Situated 100km south-west of Karratha, Sino Iron is a fully integrated mining, processing and port operation. It provides a stable, long-term source of iron ore for Chinese special steel mills, including those owned and operated by CITIC Limited — an international company. The project is of national significance. CITIC's investment in magnetite processing technology and associated infrastructure will extend the life of mining in the Pilbara for decades to come, supporting jobs and communities. We're making the dream of downstream processing for Pilbara iron ore a reality. Now, economic analysis by Deloitte Access Economics has quantified the value of the Sino Iron project to WA. We will support an estimated 3,123 full-time equivalent jobs across WA, and more than another 1,000 across Australia – each year over the life of the project. Between now and 2056, our operation will deliver an additional $51 billion spending on goods and services in WA. Over the life of the project, we will have delivered WA more than $100 billion in export earnings, and more than $5 billion in royalty revenue.

We see a bright future for WA

CITIC Pacific Mining, or CPM, is the operator of Australia’s largest producing magnetite mine, the Sino Iron project. The company, owned by the global company CITIC Limited, is headquartered in Perth. Sino Iron represents the largest-ever overseas investment in the resources sector by a Chinese entity. CPM built the $US12 billion Sino Iron project over 10 years and it’s now producing an iron ore product called magnetite concentrate, which will be hugely valuable for Western Australia in coming decades. It will help ensure our international competitiveness, as the overall grade of traditionally mined Pilbara hematite trends downwards. We're transforming low-grade magnetite ore into a premium export product. Magnetite is different to the hematite ore mined in most Western Australian mines. It is sought-after by steelmakers, as it is cleaner than hematite and requires less energy to produce steel – this means lower global carbon emissions. CPM has invested heavily in developing the project, including the Pilbara's biggest, cleanest gas-fired power station for a WA resources project and the first mainland greenfield integrated port facility to be built in the region for more than 40 years. The company has backed this investment because it believes the future of the Sino Iron project should be bright — with substantial benefits for Western Australians and the buyers of this premium steelmaking product. Our first shipment occurred in December 2013. Production is ramping up and, one day, Sino Iron’s mine pit will be comparable in size to Kalgoorlie’s Super Pit, with all the associated benefits for the Western Australian economy that a major producer delivers.
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We believe strong partnerships matter

CITIC Pacific Mining prides itself on developing respectful, mutually beneficial partnerships, including with the government, community and our sizeable workforce. The Sino Iron project is the ideal example of what WA and China can achieve by working together. Our project is governed by a State Agreement in which we partner with the Government of Western Australia and others to deliver this value to WA. We recognise that mineral resources are precious. We’re proud of what our hard work is returning to Western Australia in the form of wages, royalties, investment and export earnings. In the 10 years needed to develop our project, CPM has already returned significant benefits to WA in the form of jobs, investment, procurement and technology transfer. Over the next 40 years, we look forward to working with the community to advance local projects and support the exchange of ideas, cultures and technology — for the good of all.

Better partnerships share the returns

CITIC Pacific Mining continues to make a significant contribution to the Western Australian economy. We have invested billions of dollars to build and develop our magnetite project and plan to operate for the next 40 years. Over the life of the Sino Iron project, we will deliver WA more than $100 billion in export earnings. We've already spent billions in direct procurement of goods and services to date, and this is just the beginning. Between now and 2056, we expect to invest an additional $51 billion in procurement of goods and services in WA. We'll also contribute about $5 billion to the WA Government in the form of royalties. As long as our project is operating, we expect to continue to support thousands of full-time workers. Wages to employees of $8.7 billion will provide a huge economic stimulus to families in Western Australia. Deloitte predicts that Sino Iron will also deliver a massive $20.5 billion in additional consumption spending within Western Australia during the same period. CPM and the Sino Iron project add enormous value to this State. We look forward to partnering with Western Australia for many years to come.
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