Coobina chromite mine set to re-open

Ukrainian billionaire Gennadiy Bogolyubov is poised to reopen the Coobina chromite mineabn amro gold mine cost report q2 2008 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. 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.