The Australian Monetary Evaluate

In May 2013, Fortescue officially opened its 20 million tonnes each year Firetail mine at Solomon. In December 2013, the company introduced it had achieved first production from its 40mtpa Kings mine. The group has two primary areas of operation located inside the Pilbara region of Western Australia, the Chichester Hub and Solomon Hub.

The Chichester Hub, which includes the Cloudbreak and Christmas Creek mines, is located within the Chichester Ranges. The Solomon Hub is positioned within the Hamersley Ranges, and consists of the Firetail and Kings Valley mines, which produce in extra of 70 million tons every year . Its Iron Bridge project is situated over one hundred forty five kms south of Port Hedland.

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Fortescue is the fourth largest iron ore producer in the world after BHP, Rio Tinto, and Vale. The company has holdings of greater than 87,000 km2 in the Pilbara area of Western Australia, making it the biggest tenement holder in the state, larger than both BHP Billiton and Rio Tinto. Fortescue Metals Group is likely one of the world’s leading producers of iron ore from its operations in Pilbara, Western Australia. FMG lodged purposes for 3 mining leases within the Solomon Hub space in 2008, and began negotiations with the native title holders by way of the Yindjibarndi Aboriginal Corporation . Negotiations broke down and the YAC lodged its opposition to the grant of the three licenses to the Native Title Tribunal in 2009, initially failing to win orders preventing the grant of the licenses.

The Eliwana mine is part of Fortescue’s technique to maneuver to a 60 per cent iron grade product. In May 2018 Fortescue announced a US$1.28 billion growth of a brand new mine in the Pilbara at the Eliwana site. This growth will include an extra 143 km of railway and a dry ore processing plant able to processing 30 million tonnes a 12 months. The new mine is predicted to have an 18-yr lifespan and will funded from the company’s money circulate. In January 2013, Fortescue awarded Macmahon Holdings a $1.eight billion mining providers contract for its Christmas Creek mine growth. The Christmas Creek growth will increase the capacity of the Chichester operations to 95 million ton-a-12 months, and was a key part of the company’s a hundred and fifty five million ton-a-12 months expansion plans.

Fortescue Metals Group Ltd (fmg:asx)

Mining started at Christmas Creek, 50-kilometre to the east of Cloudbreak, in May 2009. The first Ore Processing Facility was commissioned at Christmas Creek in April 2011 with a second OPF commissioned in 2012. Rivkin advise you to not rely solely on again examined knowledge or statistics to be able to make any trading choices. We recommend you contact our relationship managers to arrange access to our live membership website on trial basis.

FMG’s dividend (15.sixteen%) is larger than the underside 25% of dividend payers within the Australian market (2.01%). Any information that you simply obtain through FT.com is at best delayed intraday knowledge and not “real time”. Share value data could also be rounded up/down and therefore not entirely accurate. FT isn’t responsible for any use of content by you outdoors its scope as acknowledged in the FT Terms & Conditions.

A valuation methodology that multiplies the price of a company’s inventory by the whole number of outstanding shares. ($USD4.22M) is about average for companies of similar size in the Australian market ($USD3.49M). Although Markit has made every effort to ensure this information is correct, however no assure is given to the accuracy or completeness. Any opinions or estimates expressed herein are these of Markit on the date of preparation and are topic to change with out notice; however no such opinions or estimates represent authorized, funding or other recommendation. You must subsequently seek impartial legal, investment or different applicable advice from a suitably qualified and/or authorised and controlled advisor prior to making any authorized, funding or other determination. This is meant for information functions only and isn’t supposed as a suggestion or advice to purchase, promote or in any other case deal in securities.

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Gold, copper and lithiumIn 2017 Fortescue introduced they were looking to diversify their portfolio by exploring for metals and minerals in South America and other components of Australia. Gold, copper and lithium were highlighted as commodities of interest. The Train Load Out facility at Firetail was commissioned in November 2012 and the primary ore was transported on the Fortescue Hamersley Rail Line in December 2012. In December 2012 Fortescue opened the 129 kilometre Solomon Railway that connects Solomon to Fortescue’s mainline to its port operations.

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