Fortescue Metals Group has increased its iron ore resource base by more than 300 million tonnes.
The pure play iron ore producer said the updated resource included deposits north of known mineral resources at its Cloudbreak and Christmas Creek operations in the Pilbara region of Western Australia.
Fortescue said the mineral resources were at or very near the surface and were expected to be dry and have a low strip ratio.
The company said it will continue to explore along the Chichester Range to expand its resource base.
In November Fortescue halved its spending plans in response to weak iron ore prices which are now sitting around $US70 per tonne.
The Perth-based company reduced its capital expenditure forecast for the 2014/15 year from $US1.3 billion to $US650 million, but maintained its production target of between 155 million and 160 million tonnes of iron ore.
At 1430 AEDT, Fortescue shares were down 2.5 cents to $2.715.
Source:thebull.com
- metaljunction »
- Metal News
Metal News & Events
METALJUNCTION PUBLICATIONS
Coal Insights (English) Monthly
Coal Insights is a ready reckoner for anyone associated with coal. This publication is aimed at tracking everything related to coal in India.
India Coal Market Watch(English) Monthly
ICMW is a one-stop source for all news, data and research pertaining to coal demand, consumption, stocks, spot- and long-term prices with respect to the Indian Market.
India Steel Market Watch (English) Monthly
ISMW is a brand new high-end steel market report, covering all aspects of the steel industry in India.
Steel Insights(English) Monthly
Steel Insights delves into various facets of the domestic and global steel industry such as market fundamentals, raw material price trends, price forecasts etc.