Further evidendence china wants better quality iron ore which we have, copy of news article below.
For FMG Metals, the world's fourth largest iron ore miner, has approved the development of a $US1.28 billion ($1.7 billion) mine and rail project in Western Australia, in a bid to boost the price it gets for its iron ore.
Fortescue is eager to improve the quality of its iron ore as its biggest customer, China, is increasingly demanding higher quality ore for steel mills to help cut smog.
Fortescue CEO Elizabeth Gaines.
Photo: Bloomberg
Production from the mine is set to start in December 2020 and is expected to yield higher quality ore, closer to the benchmark of 62 per cent iron content.
The project, named Eliwana, would help Fortescue maintain a 170 million-tonne-a-year production rate for over 20 years, the company said in a statement on Monday.
"This project allows us to commence the supply of Fortescue Premium product to the market from existing operations in the second half of FY19 with volumes increased as Eliwana ramps up to full production," Fortescue chief executive Elizabeth Gaines said.
The project would create up to 1900 jobs during construction and 500 full-time positions once operational.
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