Overburden removing is done utilizing typical blast, truck and shovel strategies whereas specifically designed floor miners minimize and cargo the ore into trucks for transport to the run of mine stockpiles. Screening, crushing and desand plants at the Cloudbreak ore processing facility prepare and refine the product before the ore is stockpiled forward of transport to port. The prepare loadout facility at Cloudbreak is capable of feeding 16,000 tonnes of ore per hour on the 2.7 kilometre lengthy trains prepared for the journey alongside the 256 kilometre heavy haul railway to the services at Herb Elliott Port.
The Eliwana mine is part of Fortescue’s strategy to move to a 60 per cent iron grade product. In May 2018 Fortescue introduced a US$1.28 billion growth of a new mine in the Pilbara on the Eliwana website. This expansion will embody a further 143 km of railway and a dry ore processing plant capable of processing 30 million tonnes a year. The new mine is anticipated to have an 18-year lifespan and will funded from the company’s cash flow. In January 2013, Fortescue awarded Macmahon Holdings a $1.8 billion mining providers contract for its Christmas Creek mine enlargement. The Christmas Creek growth will increase the capability of the Chichester operations to 95 million ton-a-12 months, and was a key component of the company’s a hundred and fifty five million ton-a-yr growth plans.
Scidev (asx:sdv) To Participate In A Commercial Trial With Fortescue Metals Group (asx:fmg)
Its Eliwana Mine and Rail growth contains 143km of rail and a 30mpta dry ore processing amenities. Fortescue Metals Group Limited is a well-known global iron ore miner and is engaged in the exploration, development, manufacturing, processing and sale of iron ore. It has four mine sites in the Pilbara region and in addition operates designed rail and port services for provide to Port Hedland.
Fortescue Metals is currently a holding within the Blue Chip portfolio. Its performance since we bought it had been fairly weak though for the previous few months we’ve seen the share price rally steadily upwards. Today, FMG’s share value has rallied, rising about 10% at one point and reaching a new high of $5.53 though it has since pulled back to a day acquire of 5%. The purpose for the rise is actually very unfortunate as another tailings dam disaster at a Vale-owned mine in Brazil has brought on the iron ore worth to rally. This is the second dam disaster in Brazil for a Vale owned mine and has prompted the Brazilian miner to decommission 19 similar dams.
The company has constructed a mine, a 260-kilometre private railway and a brand new port at Point Anderson near Port Hedland. The Fortescue rail line has a flyover over the Mount Newman railway, and a crossing of the BHP Billiton railway. The “first ore on ship” on the line occurred in May 2008, three.5 years after building started. Located in the heart of the Pilbara, the Chichester Hub is made up of Fortescue’s flagship minesite Cloudbreak and the second minesite Christmas Creek. The total Chichester Hub produces ninety million tonnes every year of iron ore plus a further five mtpa from a joint venture with BC Iron.
Business Metals (cmc) Rides On Strong Development Demand
Fortescue had made the commitment in 2011 to award $1 billion in contracts to companies a minimum of 25% owned by Aboriginal Australians by way of its Billion Opportunities program. On eight April 2011, Slater & Gordon, representing the Yindjibarndi Aboriginal Corporation in its negotiations with FMG, requested FMG compensate the Yindjibarndi community. In March 2011, FMG was accused of supporting a break-off group to divide the local Yindjibarndi community throughout negotiations for access to conventional Yinjibarndi land for the deliberate $eight.5 billion Solomon Hub project, within the Pilbara region.
Fortescue have no less than 10 Chinese steel mill contracts lasting for round 10 years. The railway parallels another iron ore railway, the BHP Billiton railway, for over one hundred kilometres . Fortescue had sought access to make use of this line, however BHP declined.
This additional strengthens FMG’s margins and ensures that the corporate should proceed to produce substantial free money flows and allow it to proceed paying down its debt. We will continue to hold FMG within the Blue Chip portfolio for as long as its dividend yield remains high enough. Rivkin goals to provide clear and easy information to these visiting our website. If any a part of this disclaimer does not make sense, please phone Rivkin and ask to talk with a member of our Dealing and Relationship Management Team.
The Motley Fool Australia does not assure the efficiency of, or returns on any funding. Fortescue usually pays twice-yearly, fully franked dividends in early April and October every year. Most lately, the corporate paid an interim dividend of seventy six cents per share on 4 April 2020 and a last dividend of 24 cents per share on 2 October 2019. Fortescue has a policy of returning 50%-80% of its web profit after tax to shareholders within the type of dividends.
Fortescue Metals Group Restricted (asx: Fmg) Latest News
This will take round 40 million tonnes of iron ore off the world market during the decommissioning course of which is a fairly significant output reduce. Overnight, iron ore gained 6%which brings it to its highest ranges in additional than 10 months. As one of the world’s largest global iron ore producers which persistently produces one hundred seventy million tonnes of iron ore each year, FMG is well positioned to capitalise on the value rise.