Fortescue Metals Group (ASX:FMG) has announced board approval for an iron ore mine and rail project in Western Australia.
The Eliwana project is located in WA's Pilbara region.
The development will include 143 kilometres of rail, a new dry ore processing facility and infrastructure.
The estimate cost of the project is around US$1.28 billion.
Production is set to commence December 2020.
Shares in Fortescue Metals (ASX:FMG) down 1.76 per cent to $4.46.