ANDINA reported that Shougang Hierro Peru agreed to start the project of its iron mine new zone in Marcona which will demand an investment of around USD 1 billion.

In the board of directors session carried out recently the company approved the development of new mines in the implementation of infrastructure that includes a new benefit plant and a pellet plant.

According to the report, the project aims to obtain an increase in the annual production capacity of eight million tons. Last year, the company production totaled 7 million tonnes of mineral.

Shougang Hierro Peru is a company of iron ore that belongs to the Chinese group Shougang from 1993.