Company News Summary
Fortescue Metals Group to Complete the Kings Development
Original announcement: Fortescue to Complete the Kings Development
Fortescue Metals Group announced it will complete the Kings deposit at its Solomon mine with the development to resume in January 2013. Fortescue deferred the Kings project in September 2012 in response to volatile market conditions. The Company reported the resumption will enable a smooth transition of the construction workforce to Kings from the nearby Firetail deposit, which is ramping up to a production capacity of 20Mtpa by the end of the March 2013 quarter. With this decision the 40Mtpa Kings deposit is on track to lift the Company's production capacity to 155Mtpa by the end of calendar 2013.
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