5min read
PREVIOUS ARTICLE JB Hi-Fi in ranks of top globa... NEXT ARTICLE US tax cut link to growth 'Eco...

British industrialist Sanjeev Gupta has added two mining leases to his South Australian portfolio after recently purchasing the Whyalla steelworks.

Mr Gupta’s SIMEC Mining company has received approval for the Iron Sultan mine which is expected to supply 600,000 tonnes of iron ore to the steelworks, while the Iron Warrior mine is expected to export 1.5 million tonnes of iron ore a year through the Port of Whyalla.

The mines are expected to create 56 direct jobs and 130 contractors, SA Mineral Resources Minister Tom Koutsantonis said on Tuesday.

“Approval of these two mines demonstrates the commitment of the new owners to develop its South Australian iron ore assets and create a more sustainable steelmaking business,” Mr Koutsantonis said.

Mr Gupta took over the Arrium steelworks at Whyalla in December last year, pledging to increase production by 50 per cent to 1.5 million tonnes a year under a $1 billion investment plan.

The tycoon is also reportedly interested in purchasing equipment from Adelaide’s former Holden assembly plant in a bid to make electric cars in SA, the state government said on Monday.