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| Australian FMG To Build Up 80 Mt/a Production In 2009 |
| = First major step to further increase to 160 Mt/a = |
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Australian Fortescue Metals Group (FMG) announced September 19 that it is planning to increase production to 80 million tonnes per annum (Mt/a) in 2009. FMG chief executive officer Andrew Forrest said; "Funding for expansion to 80 Mt/a will be sourced from the Company's strong internal cash-flows generated from our consistent production, which is ramping up every day. The increase to 80 Mt/a in 2009 is the first major step in FMG's plans to expand production to 160 Mt/a from its Cloudbreak and Christmas Creek operations." The Company also announced on the same day an increase in its reserves to 1.625 million tonnes at Cloudbreak and Christmas Creek, adding that it would underpin the 160 Mt/a production rate. The Company announced in July this year that following successful completion of its mainstay Chichester Range project which includes Cloudbreak and Christmas Creek, it has commenced to work on an expansion plan which initially optimized production from the original plan of 45 Mt/a to 55 Mt/a. |
| last modified : Mon 29 Sep, 2008 [11:15] |
