Mt Gibson to restart flooded iron ore mine

Melbourne

CHINA'S demand for higher-quality iron ore is prompting Mount Gibson Iron Ltd to revive a flooded mine off Australia's northwestern coast - and that means evicting the market's unlikely bellwether, Eric the saltwater crocodile.

The giant reptile's home, Koolan Island, has been shuttered since the partial collapse of a 75-metre long wall in 2014 saw the mine engulfed by seawater. Now, the Perth-based producer is proceeding with a A$97 million (S$101 million) restart amid the steady outlook for prices, continued growth in China's steel consumption and demand from mills for premium ore.