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Fortescue to develop $1.3B iron ore project in Western Australia

Published 05/29/2018, 11:59 AM
© Reuters.  Fortescue to develop $1.3B iron ore project in Western Australia
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  • Fortescue Metals (OTCQX:FSUMF) says it will move ahead with plans to develop the $1.3B Eliwana mine and rail project in Western Australia's Pilbara region.
  • Fortescue says the project will help it maintain a 170M metric tons/year production rate for over 20 years and is expected to yield higher quality ore, closer to the benchmark of 62% iron content.
  • The miner is eager to improve the quality of its iron ore as its biggest customer, China, is increasingly demanding higher quality ore for steel mills to help cut smog.
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