Fortescue Plans to Triple Iron Ore Production, Review Says

June 17, 2008

June 17th (Bloomberg) – Fortescue Metals Group Ltd. plans to triple annual ore output in the first expansion of its Pilbara project to 160 million metric tons, rather than doubling it, the Australian Financial Review said, citing Executive Director Graeme Rowley.

The mining company, which is ramping up production to 55 million tons a year, needs to produce 500,000 tons a week in four consecutive weeks for the project to be deemed complete, the newspaper reported. That is likely to occur in the second half of July or early August, enabling Fortescue to approve the first of a series of planned expansions, it said, citing Rowley.

While an initial expansion to 110 million tons had been planned, the company may now increase that by adding two iron ore dumpers instead of one and dredging for two extra wharfs instead of one, it said, citing Rowley.

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