Fortescue Metals Group adds to its iron ore resource at its Pilbara mines
FORTESCUE Metals Group has increased its iron ore resource base by more than 300 million tonnes.
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FORTESCUE Metals Group has increased its iron ore resource base by more than 300 million tonnes.
The pure play iron ore producer said the updated resource included deposits north of known mineral resources at its Cloudbreak and Christmas Creek operations in the Pilbara region of Western Australia.
Fortescue said the mineral resources were at or very near the surface and were expected to be dry and have a low strip ratio.
The company said it will continue to explore along the Chichester Range to expand its resource base.
In November Fortescue halved its spending plans in response to weak iron ore prices which are now sitting around $US70 per tonne.
The Perth-based company reduced its capital expenditure forecast for the 2014/15 year from $US1.3 billion to $US650 million, but maintained its production target of between 155 million and 160 million tonnes of iron ore.
Originally published as Fortescue Metals Group adds to its iron ore resource at its Pilbara mines
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