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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 emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

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