Fortescue approves development of Queens Valley in WA

Company News

by Rachael Jones

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$8.785 $0.284 3.34%
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Last Updated: 19/06/2019 2:42 PM

Fortescue (ASX:FMG) has announced the development of the Queens Valley mining area at its Solomon Hub in the Pilbara region of Western Australia.

Total capital expenditure for the development is estimated to be US$287 million.

This development will maintain production of the low-alumina Kings Fines product.

This supplies their key customers in China, Japan and Korea.

The Queens development is located approximately 15 kilometres from the Kings ore processing facility and has an expected life between 10-15 years.

Environmental and heritage approvals are in place to commence the development of Queens.

Shares in Fortescue (ASX:FMG) are trading 1.48 per cent lower at $8.28.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.