Roy Hill passes halfway

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The last starter of Australia’s major projects, Gina’s Roy Hill, appears to be making cracking progress:

The Roy Hill iron ore mine has hit a milestone, reaching the construction halfway point.

The mine has been ramping up progress at the site since the successful completion of a US$ 7.2 billion loan facility in March, which was the biggest in the world at the time.

Close to 5000 people will work on the project, with more than 3800 workers currently on site and the number set to increase to 4500 later this year.

The mine is also on track to ship first ore late next year.

90% of those jobs will disappear in late 2015.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.