A$7.4b Baosteel-led iron ore project delayed

Melbourne

A CHINESE-LED A$7.4 billion (S$7.8 billion) iron ore project in Western Australia looks to be the latest casualty of the price decline, with Wood Mackenzie Ltd estimating it's unlikely to begin output before 2020.

"Mindful of the volatility in the iron ore market," the partners in the Baosteel Group Corp-led West Pilbara iron ore mine, port and rail development, deferred until late next year a decision on whether to proceed, one of the participants Aurizon Holdings Ltd said Monday in a statement. A decision had previously been planned for early 2016, according to Aurizon.