Fortescue Metals Group Ltd
ASX Code
FMG
Sector
Materials
Investor Centre
https://www.fmgl.com.au/investors/asx-announcements
Website
https://www.fmgl.com.au/home
About
Since founded in 2003, Fortescue has discovered and developed major iron ore deposits and constructed some of the most significant mines in the world. We have grown to be one of the largest global iron ore producers and are focussed on our vision of being the safest, lowest cost, most profitable mining company. Now consistently shipping around 170 million tonnes of iron ore per annum (mtpa), Fortescue is the lowest cost provider of seaborne iron ore to China. Fortescue owns and operates a fully integrated infrastructure and supply chain spanning two mine hubs, with a third under development, in the Pilbara, the five berth Herb Elliott Port in Port Hedland, the Judith Street Harbour towage infrastructure and the fastest, heavy haul railway in the world. Our innovative tug fleet and the eight purpose built Fortescue Ore Carriers have been designed to complement the industry best practice efficiency of Fortescue’s port and maximise the safety and productivity of its operation. Fortescue is developing the Eliwana Mine and Rail Project and the Iron Bridge Magnetite Project. Together, the Iron Bridge and Eliwana projects will increase the average iron content of Fortescue’s ores and provide the ability to deliver on our strategy of the majority of products at greater than 60% Fe. Consistent with our track record of introducing cutting edge technology across the business, the Eliwana Mine and Rail Project will build on Fortecue's development and construction capability by utilising the latest technology, autonomous trucks and design efficiency. Innovation in exploration, ore processing and plant design is a key component of Fortescue’s strategy to efficiently and effectively deliver products from mine to market. We continue to assess exploration and development opportunities throughout Australia and South America including Ecuador, Colombia and Argentina. Fortescue’s longstanding relationships with customers in China have grown from the first commercial shipment of iron ore in 2008, to now being a core supplier of seaborne iron ore to China and expanding into markets including Japan, South Korea and India. We are committed to our strategic goals of ensuring balance sheet strength and flexibility, investing in the core long term sustainability of the business while pursuing growth and development options and delivering returns to shareholders. As a proud West Australian company, Fortescue values our relationship with key stakeholders by working together to positively manage and create opportunities for Aboriginal people, contribute to the success of local communities, protect the environment and strengthen the broader Australian economy.