Fortescue finds port space for magnetite but impasse on royalties

Original article by Brad Thompson
The Australian Financial Review – Page: 18 : 7-Aug-19

The Iron Bridge magnetite project will significantly increase Fortescue Metals Group’s shipments from Port Hedland, with production slated to commence in 2022. The pure-play iron ore miner has indicated that its port infrastructure will be able to cope with the increased export volumes. Meanwhile, CEO Elizabeth Gaines says the Western Australian government is resisting Fortescue’s efforts to have royalty relief extended to the Iron Bridge project. The royalty discount applies to CITIC’s Sino Iron magnetite project and Ansteel’s Karara project.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, CITIC LIMITED, ANSHAN IRON AND STEEL COMPANY, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET

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