Fortescue Metals Group has discovered more than one billion tonnes of iron ore in Western Australia鈥檚 Pilbara and aims to develop it rapidly. Sydney Morning Herald reports:
The new project, named Nyidinghu, is about 35 kilometers south of Fortescue鈥檚 first mine, Cloudbreak, and contained an inferred resource of 1.032 billion tonnes of ore at a grade of 58 per cent iron, the company said.
In a statement to the stock exchange issued several hours after the market closed, Fortescue said the 1.03 billion tonnes of high-grade Brockman ore was in the inferred category of Australia鈥檚 mineral reporting code, the least proved-up category.
Click for the full story