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Additional Information
Market: ASX
Sector: Non Ferrous Metals
Epic: ASX:FMG
News: Latest news
Web Site: Fortescue Metals
Other Articles: 13-11-200913-10-200930-09-2009

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Fortescue Metals

Fortescue Metals

Fortescue Metals is an ASX 50 company that has defined about 4.5 billion tonnes of Resources of Iron Ore, including 1.625 billion tonnes of Reserves.  Fortescue is focused on cementing its position as the "new force in iron ore."  Initial production will be 55 million tonnes of iron ore per annum and market driven expansion will occur as required. This initial tonnage has sold out and agreements exist for up to 50 million tonnes per annum of expansion tonnage. With reserves defined from less than 10 per cent of its 69,000 square kilometres of Pilbara tenements, Fortescue is well-positioned to take advantage of the current 'golden age' for iron ore.

Thursday, January 08, 2009

Fortescue Metals ships 15 Millionth Tonne

Fortescue Metals Group (ASX:FMG) has shipped its 15 millionth tonne of iron ore through the Herb Elliott Port in Port Hedland, marking another milestone for the company.

Fortescue Executive Director Operations Graeme Rowley said, “the mine, rail and port operations teams worked hard throughout 2008 to achieve the 15 million tonne (mt) milestone as the company continues to ramp-up its operations.”

“In December we shipped 2.6mt which is the highest monthly rate achieved to date. The fourth quarter result was 6.3mt shipped, noting that this period included a 10 day port shut down to commission the second wharf. In addition, the tonnes mined at Cloudbreak during 2008 totalled 19.5mt, just 1% shy of our target.”

Fortescue exported more than 14.8mt of high quality iron ore in 2008, after loading its First Ore On Ship on May 15, 2008. Fortescue also shipped 60,000 tonnes for Atlas Iron in December, which marked the historic first shipment of iron ore by a third party from a Pilbara port.

“We are continuing to finetune our operations and will increase mine, rail and port tonnage through 2009. Commissioning of the company’s desand plant at the Cloudbreak mine site is proceeding as planned, which will ensure Fortescue’s ore specification in quality and quantity is maintained,” Mr Rowley said.

Fortescue Metals was trading at $2.08

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