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Fortescue upgrades resource at Pilbara iron ore project
Source: PERTH, Sept 12 AAP
Published: September 12 2005, 5:35PM
Fortescue Metals Group's shares climbed fifteen cents higher after announcing a nearly 20 per cent increase in the size of its flagship Christmas Creek iron ore deposit.
The Pilbara project hosts 1.4 billion tonnes of iron ore and Fortescue is now working towards increasing the confidence level in the estimation.
The amount of high-grade tonnes, which can be shipped without any beneficiation - crushing and separating ore into valuable substances, increased to 465 million tonnes.
The rest of the resource needs to be beneficiated, which reduces the levels of non-iron impurities concentrating the iron percentage levels.
The overall project, comprised of the Christmas Creek, Cloud Break and Mt Lewin deposits now has a combined resource of 2.3 billion tonnes.
Shares in Fortescue were up at $4.00 after reaching an intra-day high of $4.10.
***** fmg ******* go !!!
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