Bloomberg reported that Jinzhao Mining Peru SA, a unit of China’s Zibo Hongda Mining Company plans to build USD 1.5 billion iron ore mine in Peru by 2016.

Mr Xiaohuan Tang country manager said that the company aims to produce between 3 million tonnes and 5 million tonnes of iron ore a year at its Pampa del Pongo deposit in the southern Andes. The company which plans to build its own port and desalination plant will complete a feasibility study by the end of the year.