Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Fortescue Metals Group (FMG) announced that it has received approval to increase its material handling capacity by 20pc to 210mn mt per annum from 175mn mt on a staged basis through its Herb Elliot Port in Port Hedland, boosting the company’s iron ore exports.

The new limits will allow the company to grow iron ore shipments of hematite ore by 188mn mt, with first exports from the new Eliwana mine before Christmas this year.

It will also allow Fortescue to bring 22mn mt of high-grade magnetite concentrate to the market from the Iron Bridge project, a joint venture which is scheduled to ship its first ore through the port in mid-2022.

The Iron Bridge project is a joint venture between Fortescue, Baowu, and Formosa and is expected to deliver 22mn mt of high-grade magnetite products annually, the company said. 

The revised license also supports the company’s FY21 iron ore shipments guidance of 175mt to 180mt and utilizes the capacity of Fortescue’s existing port infrastructure, comprising five berths and three ship loaders. 


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