Fortescue Metals Group Limited (ASX:FMG) has officially opened its Kings Valley project in the Pilbara today. The $US9.2 billion expansion will have a capacity of 40 million tonnes per annum (mtpa).
The expansion at the Solomon Hub includes major extensions of port and rail facilities as well as the expansion of the Firetrail mine to 20 million tonnes per annum and the Christmas Creek mine to 50mtpa.
CEO Nev Power says The Firetrail and King’s Valley projects have evolved Fortescue’s production mix.
The Kings Valley project milestone has enabled Fortescue to increase its production capacity to 155mtpa.
Fortescue recorded a net profit of more than $1.9 billion in the first half of the 2014 financial year.
