Alex Wilson From: Dow Jones Newswires March 12, 2010
FORTESCUE Metals Group said it sees a strengthening outlook for iron ore prices with China's ability to meet its own requirements declining fast. In a presentation to investors, the miner also said its iron ore operations in Western Australia are running at a rate of 40 million tonnes a year and it is aiming to increase this to 55 million tonnes in 12 months.
The Perth-based company said a feasibility study on plans for its 60 million tonne a year Solomon operation is nearing completion.
Fortescue said the capital expenditure on the Solomon project was likely to total $3.2 billion and that a second stage project to add an extra 100 million tonnes a year would cost about $5.7bn.
FMG Price at posting:
$4.94 Sentiment: Buy Disclosure: Held
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