Fortescue Metals Group Ltd
(ASX:FMG) has announced that its Western Hub has lifted its total resources to over 10 billion tons at its Pilbara iron ore base in Western Australia.
The maiden resource estimate for the miner’s Western Hub came in at 625 million tons.
Fortescue has also forecast that iron ore prices are expected to remain high until at least next year, before new supply enters the market from 2013 to 2015.
The miner believes the high cost of China's domestic iron ore supply will support the long term price.
Yesterday shares in Fortescue Metals eased 0.17 per cent to close at $5.87.
Last month Fortescue Metals posted a seven-fold jump in interim earnings, reporting a net profit of $309 million in the first half of the 2011 financial year.
