Fortescue Metals Group May sell magnetite iron mines
Source: Agencies |
April 10, 2010, Saturday
|
Print Edition
Print Edition
Fortescue Metals Group, Australia's third-largest iron ore producer, is in talks to sell magnetite iron mines to Chinese businesses, the company's CEO Andrew Forrest said yesterday.
Forrest made the remarks on the sidelines of Boao Forum for Asia's annual meeting that will officially open today in Boao, a scenic town in south China's island province of Hainan.
FMG, which started operations in mid 2008, will expand its annual production capacity to 55 million tons in the coming year, Forrest said.
The miner, in which China's Hunan Valin Iron and Steel Group owns 17.4 percent, has sold 55 million tons of iron ore to China where it has more than 50 customers, he said.
The annual capacity will "soon" be raised to 95 million tons, 90 percent of which will be supplied to China, he said.
Ultimately FMG will raise its capacity to 300 million tons per year, he said, without elaborating when the company plans to reach this goal.
Forrest made the remarks on the sidelines of Boao Forum for Asia's annual meeting that will officially open today in Boao, a scenic town in south China's island province of Hainan.
FMG, which started operations in mid 2008, will expand its annual production capacity to 55 million tons in the coming year, Forrest said.
The miner, in which China's Hunan Valin Iron and Steel Group owns 17.4 percent, has sold 55 million tons of iron ore to China where it has more than 50 customers, he said.
The annual capacity will "soon" be raised to 95 million tons, 90 percent of which will be supplied to China, he said.
Ultimately FMG will raise its capacity to 300 million tons per year, he said, without elaborating when the company plans to reach this goal.
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