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FMG green lights $1.7b Eliwana with 500 jobs to come

Fortescue Metals Group has given the go-ahead to develop a new mine and rail project in the Pilbara.

The $US1.275 billion ($1.7 billion) Eliwana mine will include the development of 143km of rail, a new dry ore processing facility and other associated infrastructure.

Eliwana, which will replace Fortescue’s depleting Firetail mine, is expected to operate at 30 million tonnes per annum with capacity for up to 50mtpa over a mine life of at least 24 years.

Fortescue revealed in November it was eyeing Eliwana as a replacement for Firetail, over the Nyidinghu deposit, which lies south of its Chichester Hub.

In an announcement to the stock market Monday morning, chief executive Elizabeth Gains said the project, west of FMG’s existing Solomon Hub operation, would maintain the miner’s low-cost status and allow it to supply a premium product to the market from existing operations in the second half of the 2019 financial year.

Ms Gaines said it would also help FMG maintain a minimum 170mtpa production rate over 20 years.

“Fortescue has now shipped over one billion tonnes of iron ore in just 10 years, generating strong returns from our position at the lowest end of the global cost curve,” she said. Read more…

 

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