Australia’s Gindalbie Metals is planning to develop an iron ore project in Western Australia with Ansteel at a cost of A$1.8 billion, which will be raised through a $1.2 billion loan provided by a Chinese bank. Earlier, Ansteel bought 190 million shares issued by Gindalbie, increasing its stake in the latter from 12.6 percent to 36.28 percent. The 50:50 project is expected to be completed in mid-2011 and will produce 10 million tons of iron ore per year.