Fortescue Metals Group, run by Australia's richest man Andrew Forrest, began loading the first iron ore shipment from its Pilbara project, moving closer to its target of becoming the nation's third-largest exporter.
"They have just started loading,'' Port Hedland harbour master Lindsay Copeman said from the port today. The vessel Blumenau is moored at Perth-based Fortescue's berth in the port and commissioning of the ship loader has begun, he said.
Fortescue's $2.8 billion project may help break the stranglehold that BHP Billiton and Rio Tinto have on exports of the steelmaking raw material from Australia's Pilbara region. Steel mills are paying record prices for the ore as prices surge for a sixth year.
The company "will usurp the duopoly that has existed in Australia between BHP and Rio,'' said Paul Adams, head of research at D.J. Carmichael & Co. "We have been a very long term believer that they would actually pull it off.''
Fortescue shares closed up 2.25%, or 19 cents, at $8.63, after rising as much as 30 cents to a record $8.74 today. The stock has risen 84% in the past six months.
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