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The US$500mn project is the second phase of the Hierro Atacama project. The first phase involves a magnetite plant that will extract iron ore from tailings generated by US company Freeport McMoRan Copper & Gold's (NYSE: FCX) Candelaria copper mine.
The project is estimated to produce 4Mt/y in iron concentrate, most of which is expected to be sold in Asian markets.
CAP is Chile's largest iron ore producer and is also the country's largest supplier of steel.