Posted in | Iron Ore

Fortescue Metals Plans to Increase Iron Ore Production

The upswing in the demand for iron ore as the global economy recovers from the crisis is leading to Fortescue planning on increasing iron ore production.

At an investor presentation the Fortescue Metals Group said that it may raise iron ore production to 360 million tonnes by 2017 which would put it ahead of Rio Tinto.

Currently Fortescue Metals is the third largest iron ore producer after BHP Billiton and Rio Tinto. It said that it could fund the expansion to 95 million tonnes from its cash flow if the Australian tax laws and the company's board approved the plan.

The proposed expansion in iron ore production would make it the world's second largest producer instead of Rio Tinto retaining the position. Rio Tinto is spending $10 billion on its own production to raise the capacity of iron ore production to 330 million tonnes by 2016.

The expansions are being proposed based on expectations of rising demand from countries like China and India which are developing fast and have major infrastructure project plans.

Joel Scanlon

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Scanlon, Joel. (2019, March 19). Fortescue Metals Plans to Increase Iron Ore Production. AZoMining. Retrieved on August 22, 2019 from https://www.azomining.com/News.aspx?newsID=209.

  • MLA

    Scanlon, Joel. "Fortescue Metals Plans to Increase Iron Ore Production". AZoMining. 22 August 2019. <https://www.azomining.com/News.aspx?newsID=209>.

  • Chicago

    Scanlon, Joel. "Fortescue Metals Plans to Increase Iron Ore Production". AZoMining. https://www.azomining.com/News.aspx?newsID=209. (accessed August 22, 2019).

  • Harvard

    Scanlon, Joel. 2019. Fortescue Metals Plans to Increase Iron Ore Production. AZoMining, viewed 22 August 2019, https://www.azomining.com/News.aspx?newsID=209.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Submit