Coobina chromite mine set to re-open

Ukrainian billionaire Gennadiy Bogolyubov is poised to reopen the Coobina chromite mine in the Pilbara, creating 120 jobs for an operation that could generate about 2.5 per cent of the world’s supply of the stainless steel ingredient.

The billionaire, who picked up Coobina as part of his $1.2 billion takeover of Consolidated Minerals in late 2007, expects the resumption of mining at Coobina will cost about $6 million.

Coobina, east of Newman, is Australia’s only chromite mine.

Chromite is a key ingredient in ferrochrome and sought after in stainless steel for its corrosion-resistant characteristics.

The Coobina open pit mine has been on care and maintenance since 2008 when the global financial crisis triggered a collapse in stainless steel production. About 20 people have remained on site to work on the crushing and beneficiation plant, with another 100 needed to support the reopening of the mine by October.

Mr Bogolyubov expects Coobina to produce up to 450,000 tonnes of chromite a year, equivalent to about 2.5 per cent of an annual world supply estimated at 18 million tonnes.

The chromite products – lump, chips and fines ore – will be trucked to Port Hedland for shipping to markets in Asia and Europe.

Coobina’s reopening comes as ConsMin’s main undertaking, the high-grade Woodie Woodie manganese mine about 400km south-east of Port Hedland, prepares for a 25 per cent boost to annual production levels to 1.2 million tonnes.

Australina richest people &

Gina Rinehart second richest Aussie

Booming iron ore production and prices have made Gina Rinehart the second richest Australian and the nation’s richest woman with an estimated worth of $4.75 billion, according to a wealth list to be published by a business magazine.

Ms Rinehart, the heiress of prospector Lang Hancock, has enjoyed a $1.3 billion rise in her estimated wealth billion as she enjoys more than $200 million in annual royalties from Rio Tinto’s Pilbara mining operations and her cut of profits from her Hope Downs joint venture with Rio.

The BRW Rich 200 list estimates that Angela Bennett, the daughter of Mr Hancock’s late business partner Peter Wright, is Australia’s second richest woman with a fortune of $2.09 billion built on the half share of the Hancock-Wright royalty stream enjoyed by the Wright heirs.

BRW has Westfield shopping centre boss Frank Lowy as Australia’s richest man with an estimated fortune of $5.04 billion, taking the top spot from late cardboard mogul Dick Pratt’s son Anthony with $4.6 billion.

The Lowy fortune was estimated to have risen by $700 million over the past year, while Visy cardboard heir clocked up a relatively humble $300 million increase in wealth.

WA iron ore boss Andrew Forrest was listed as having a fortune of $4.24 billion – up from $2.38 billion last year, when the shares of his Fortescue Metals Group were still reeling from the effects of the global financial market shake down.

But in an illustration of how fleeting share market fortunes can be, the value of his stake in Fortescue has plunged by around $500 million over the past fortnight and he was probably worth only a relatively humble $3.6 billion yesterday.

BRW lists construction and building products mogul Len Buckeridge as the third richest West Australian with an estimated wealth of $2.24 billion, up from an estimated $1.95 billion last year.

Australia’s richest people on BRW magazine’s Rich 200 list:
1. Frank Lowy $5.04 billion property

2. Gina Rinehart $4.75 billion resources

3. Anthony Pratt $4.6 billion manufacturing

4. Andrew Forrest $4.24 billion resources

5. Harry Triguboff $4.2 billion property

6. James Packer $4.1 billion media, investment

7. Clive Palmer $3.92 billion resources

Youngest: Nathan Tinkler, 34, $355 million resources, racing

Oldest: David Mandie, 91, $263 million property