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Fortescue Metals Plans to Increase Iron Ore Production

By Joel ScanlonAug 12 2010

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.

Written by

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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