Glencore CEO Ivan Glasenberg has agreed to go ahead with a study of an iron ore mine in the Republic of Congo that would require roughly $3 billion from the global commodities giant.

The $3 billion estimate is down from an initial $7.4 billion, according to Glencore's 50% partner in the plan, Zanaga Iron Ore Co.

The new price tag should pique interest from investors, "increasing the likelihood of project finance" said Richard Knights of Liberum Capital Ltd.

The study of the proposed project is scheduled for completion next spring, followed by a decision on whether or not investment will go forward. Zanaga announced that initial production could be up to 14 million MTs of iron ore annually.

Glasenberg, who has chastised his industry counterparts for too aggressively expanding production, helping to push commodities prices lower, announced last week the shelving of 44 of the 88 projects that Glencore picked up in its merger with Xstrata.