Fmg Share Value And Firm Data For Asx
In May 2013, Fortescue formally opened its 20 million tonnes each year Firetail mine at Solomon. In December 2013, the corporate announced it had achieved first manufacturing from its 40mtpa Kings mine. The group has two major areas of operation situated within 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 positioned in the Hamersley Ranges, and consists of the Firetail and Kings Valley mines, which produce in extra of 70 million tons each year . Its Iron Bridge project is positioned over one hundred forty five kms south of Port Hedland.
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Fortescue is the fourth largest iron ore producer on the earth after BHP, Rio Tinto, and Vale. The firm has holdings of more than 87,000 km2 within the Pilbara region of Western Australia, making it the largest tenement holder within the state, larger than both BHP Billiton and Rio Tinto. Fortescue Metals Group is one of the world’s main producers of iron ore from its operations in Pilbara, Western Australia. FMG lodged functions for 3 mining leases within the Solomon Hub space in 2008, and began negotiations with the native title holders through 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 preventing the grant of the licenses.
The Eliwana mine is part of Fortescue’s strategy to move to a 60 per cent iron grade product. In May 2018 Fortescue introduced a US$1.28 billion growth of a brand new mine within the Pilbara at the Eliwana web site. This enlargement will include a further 143 km of railway and a dry ore processing plant capable of processing 30 million tonnes a yr. The new mine is predicted to have an 18-yr lifespan and can funded from the corporate’s cash flow. In January 2013, Fortescue awarded Macmahon Holdings a $1.eight billion mining providers contract for its Christmas Creek mine enlargement. The Christmas Creek growth increases the capability of the Chichester operations to 95 million ton-a-yr, and was a key component of the company’s a hundred and fifty five million ton-a-yr enlargement plans.
Fortescue Metals (fmg:asx)
Plans to develop a third, Western Hub are currently in developmental stage. In 2017 Fortescue started exploration of possible mining tenements in South America and different components of Australia. Please contemplate your individual circumstances earlier than buying any of our products or performing on our general advice, for any Rivkin product or recommendation.
All content material on FT.com is for your basic data and use only and isn’t intended to handle your particular necessities. In particular, the content does not constitute any type of recommendation, advice, illustration, endorsement or arrangement by FT and is not supposed to be relied upon by users in making any specific investment or different choices. Fortescue provides shareholders residing in Australia and New Zealand the choice of either full or partial participation in its dividend reinvestment plan. Company data displayed on The Australian Financial Review is sourced from Morningstar and ASX and is topic to their terms and circumstances as set out in our Conditions of Use. The Australian Financial Review doesn’t settle for any responsibility for the accuracy and/or completeness of such knowledge or info. In August 2013, CEO Nev Power introduced the corporate had achieved its target of awarding $1 billion in contracts to Aboriginal enterprise by the end of 2013.
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Gold, copper and lithiumIn 2017 Fortescue introduced they have been looking to diversify their portfolio by exploring for metals and minerals in South America and different components of Australia. Gold, copper and lithium were highlighted as commodities of curiosity. The Train Load Out facility at Firetail was commissioned in November 2012 and the first 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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