Jinzhao Mining Peru, an exploration company, is mulling over commencing the operations at its $1.5bn Pampa de Pongo iron-ore mine in Peru by 2016.
The company is estimating a production capacity between 3 million metric tons and 5 million metric tons of iron ore per year. Jinzhao is also planning to build its own port and desalination plant, reported Bloomberg citing a local news agency El Comercio.
Also, it has scheduled the completion of feasibility study by the end of the year 2013.
The mine located the coastal region of southern Peru nearly 400 km south of Lima comprises 8 mining claims covering 15,300 hectares.