Fortescue Metals Group – world’s 4th largest iron ore producer is to commence development of Queens Valley mining area at Solomon Hub in the Pilbara region of Western Australia. Solomon hub currently comprises the Firetail and Kings Valley mines with total production capacity of 70 MnT pa. The purpose of development of Queens Valley mining area is to produce low alumina kings fines to improve product mix and optimize margins. The king’s low alumina sinter fines supplies to its key customers in China, Japan and Korea.
The Queens Valley mining area is located 15 Km from Kings ore processing facility (OPF) and has a expected span life about 10-15 years. The miner has also received necessary environmental and heritage approvals from the authorities.
The project includes relocation of Soloman mobile maintenance facility close to mining area to cut travel distance, reduce operating cost and provide access to additional tonnes near the Kings processing plant.
Fortescue’s Chief Executive Officer, Elizabeth Gaines said, “Fortescue’s integrated operations and marketing strategy defines a product portfolio that maximizes value from the Fortescue ore bodies over the long term, ensuring the continued delivery of returns to shareholders.”
FMG Q1 CY19 shipment down 10%
FMG depicted fall in quarterly shipments in Q1 CY19 at 38.3 MnT, down 10% as against last quarter at 42.5 MnT. The shipment dropped amidst tropical cyclone Veronica which hit the western Pilbara region in Australia towards Mar’19 end. However, shipment of west Pilbara fines increased for the quarter to 10% (3.8 MnT) of total shipment for the quarter.
On yearly basis, the shipment fell marginally as against 38.7 MnT in Q1 CY18.
FMG recorded mined ore production at 48 MnT in Q1 CY19, down as against 49.2 MnT in Q4 CY18. On yearly basis, the production volume increased 15% as against 41.6 MnT in Q1 CY18.
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