Tour of Citic Pacific's Sino Iron Project

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A rock sample containing the black seam of magnetite is held for a... News PhotoAsia,Australia,Australian Culture,Built Structure,Delivering,Factory,Finance,Geographical Locations,Horizontal,Inside Of,Lodestone,Man Made Object,Metal,Metal Ore,Mine,Miner,Mining,Oceania,Photograph,Seam,Western AustraliaPhotographer Collection: Bloomberg 2012 BloombergA rock sample containing the black seam of magnetite is held for a photograph at the remote Bilanoo site, an area marked for mining by Citic Pacific Ltd., near Karratha, Western Australia, on Monday, Aug. 20, 2012. Australian mining tycoon Clive Palmer expects to receive $500 million a year in royalties from Citic Pacific's $8 billion iron ore mine in Western Australia once it reaches full production. Photographer: Carla Gottgens/Bloomberg via Getty Images