At some stage the Insto's can't ignore 11b tonnes of IO
AAP
Fortescue Metals Group has increased its iron ore reserves at the Nyidinghu deposit by 980 million tonnes.
Continued drilling at the site, 35 kilometres south of Fortescue's Cloudbreak operation in its Chichester Hub, has resulted in inferred resources increasing to 2.01 billion tonnes, up from the 1.03 billion tonnes reported in February, the company said on Wednesday.
The increase takes Fortescue's total resource inventory to 11.42 billion tonnes, it said.
"The Nyidinghu resource delivers Fortescue the potential to blend the higher phosphorus bedded Nyidinghu mineralisation with its low phosphorus ores from the Chichester Hub to create a valuable product which Fortescue expects will be readily accepted by the market," Fortescue said in a statement on Wednesday.
More drilling may add a further 400 to 500 million tonnes in resources, it said.
At some stage the Insto's can't ignore 11b tonnes of...
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