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Fortescue Metals Reports Iron Ore Hike

Fortescue Metals Group Ltd. (ASX:FMG) has reported a hike in iron ore shipments in the June quarter this year as compared to the year before.

FMG has shipped 11.04 million tonnes of ore in the June Quarter in 2010 which is a 36 per cent increase from the corresponding figures of last year.

The mined ore also increased by 28% to 11.4 million tonnes. FMG has also reported a hike in mining operation costs and, shares of the Western Australian company dropped 4% last week as investors focused on these higher costs.

The resource estimates at Solomon project in Western Australia’s Pilbara region have also been upgraded by Fortescue Metals from 160 million tonnes to 2.86 billion tonnes. FMG informed the stock exchange that the resource upgrade further developed the Solomon Stage 1 feasibility study for a major mining operation within the Solomon Hub.

The majority of the mining exports from FMG end up in China. FMG is now pursuing customers in Asia and Europe to diversify its sales.

Shares in FMG closed at $4.04 19 Ju AEST.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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