The Australian Monetary Evaluation

In May 2013, Fortescue formally opened its 20 million tonnes every year Firetail mine at Solomon. In December 2013, the corporate announced it had achieved first production from its 40mtpa Kings mine. The group has two primary areas of operation positioned inside the Pilbara area of Western Australia, the Chichester Hub and Solomon Hub.

The Chichester Hub, which incorporates the Cloudbreak and Christmas Creek mines, is located within the Chichester Ranges. The Solomon Hub is located within the Hamersley Ranges, and contains the Firetail and Kings Valley mines, which produce in extra of 70 million tons every year . Its Iron Bridge project is situated over a hundred forty five kms south of Port Hedland.

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Fortescue is the fourth largest iron ore producer in the world after BHP, Rio Tinto, and Vale. The company has holdings of greater than 87,000 km2 in the Pilbara area of Western Australia, making it the biggest tenement holder within the state, bigger than each BHP Billiton and Rio Tinto. Fortescue Metals Group is among the world’s main producers of iron ore from its operations in Pilbara, Western Australia. FMG lodged applications for three mining leases within the Solomon Hub area in 2008, and commenced negotiations with the native title holders by way of the Yindjibarndi Aboriginal Corporation . Negotiations broke down and the YAC lodged its opposition to the grant of the three licenses to the Native Title Tribunal in 2009, initially failing to win orders stopping the grant of the licenses.

The Eliwana mine is part of Fortescue’s technique to maneuver to a 60 per cent iron grade product. In May 2018 Fortescue introduced a US$1.28 billion development of a new mine within the Pilbara at the Eliwana site. This expansion will include a further 143 km of railway and a dry ore processing plant capable of processing 30 million tonnes a 12 months. The new mine is anticipated to have an 18-year lifespan and will funded from the corporate’s money flow. In January 2013, Fortescue awarded Macmahon Holdings a $1.eight billion mining services contract for its Christmas Creek mine enlargement. The Christmas Creek enlargement will increase the capability of the Chichester operations to ninety five million ton-a-year, and was a key component of the corporate’s one hundred fifty five million ton-a-year growth plans.

Fortescue Metals Group Ltd (fmg:asx)

Plans to develop a 3rd, Western Hub are at present in developmental stage. In 2017 Fortescue started exploration of possible mining tenements in South America and different components of Australia. Please contemplate your personal circumstances before buying any of our products or acting on our basic recommendation, for any Rivkin product or recommendation.

All content material on FT.com is on your general data and use solely and isn’t meant to address your specific requirements. In explicit, the content does not represent any type of advice, advice, representation, endorsement or arrangement by FT and isn’t intended to be relied upon by customers in making any particular funding or other decisions. Fortescue provides shareholders residing in Australia and New Zealand the option of both full or partial participation in its dividend reinvestment plan. Company info displayed on The Australian Financial Review is sourced from Morningstar and ASX and is topic to their terms and situations as set out in our Conditions of Use. The Australian Financial Review doesn’t settle for any accountability for the accuracy and/or completeness of such knowledge or information. In August 2013, CEO Nev Power announced the corporate had achieved its target of awarding $1 billion in contracts to Aboriginal enterprise by the end of 2013.

A valuation technique that multiplies the worth of an organization’s inventory by the whole variety of outstanding shares. ($USD4.22M) is about common for corporations of similar dimension within the Australian market ($USD3.49M). Although Markit has made every effort to make sure this data is correct, nevertheless no assure is given to the accuracy or completeness. Any opinions or estimates expressed herein are those of Markit on the date of preparation and are topic to vary without notice; however no such opinions or estimates represent authorized, investment or different advice. You must therefore seek unbiased authorized, investment or different applicable recommendation from a suitably certified and/or authorised and controlled advisor prior to creating any authorized, funding or other determination. This is meant for information purposes only and is not meant as an offer or recommendation to purchase, promote or otherwise deal in securities.

Gold, copper and lithiumIn 2017 Fortescue announced they were looking to diversify their portfolio by exploring for metals and minerals in South America and other parts of Australia. Gold, copper and lithium have been highlighted as commodities of interest. The Train Load Out facility at Firetail was commissioned in November 2012 and the primary ore was transported on the Fortescue Hamersley Rail Line in December 2012. In December 2012 Fortescue opened the 129 kilometre Solomon Railway that connects Solomon to Fortescue’s mainline to its port operations.

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