South Korean company Samsung C&T has secured a A$5.59bn ($5.8bn) contract to develop the Roy Hill Holdings iron ore project in Western Australia.
The Roy Hill iron ore project is located about 270km south of Port Hedland, at the eastern end of the Chichester Range, reported The Australian.
Samsung in a filing to the Korean Exchange said, "The final contract will be signed at the end of April. (The contract) is to build a process plant to export iron ore produced from the Roy Hill mine, railroads and harbour infrastructure."
The company also added that the operations will commence in April 2013 and end by November 2015.
The contract comes on the back of Hancock Prospecting-owned Roy Hill’s recent announcement that it is likely to grant the contract in next few days.
Roy Hill is 30% owned by South Korean companies Posco and STX Group, Japan’s Marubeni and Taiwan’s China Steel, while remaining stake in held by Hancock Prospecting.
The company plans to produce 55 million tonnes of iron ore per annum from the mine.