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.
