Fortescue green light for US$1.28B project

Company News

by Anna Napoli

Fortescue Metals Group (ASX:FMG) has announced board approval for an iron ore mine and rail project in Western Australia.

The Eliwana project is located in WA's Pilbara region.

The development will include 143 kilometres of rail, a new dry ore processing facility and infrastructure.

The estimate cost of the project is around US$1.28 billion.

Production is set to commence December 2020.

Shares in Fortescue Metals (ASX:FMG) down 1.76 per cent to $4.46.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.