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Print[Ferro-Alloy.Com] METALLURGICAL Corporation of China is shelving its $3 billion iron ore project in Western Australia and pulling its staff out of Perth as rising costs put the brakes on another resources operation.
The company, which purchased the Cape Lambert iron ore project from Perth businessman Tony Sage's company in 2008 for $400 million, has reportedly said it will close its office in Perth by the end of next month, leaving no more than five people in a new smaller location to maintain its Australian mining licence. (Source from The Australian)
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