Fortescue Investing $8.4B to Expand Iron Ore Production

Fortescue Metals has approved capital expenditures totaling $8.4 billion to expand its iron ore production in Western Australia from 55 million to 155 million mt/y over a period of 30 months. The expansion and spending are divided into three work programs: 1) expansion of port and rail facilities, budgeted at $4.6 billion; 2) expansion of existing mines, budgeted at $1.5 billion; and 3) development of the new Solomon mining area, which will include two mines, budgeted at $2.3 billion. Read more