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Fortescue Metals Group
Summary
| Project: | Solomon | |
|---|---|---|
| Deposit: | Firetail, Kings, Queens | |
| Location: | Australia | |
| Commodities: | Iron-Silica-Aluminium-Phosphorus | |
| Date: | 8/19/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 19-8-2016: Fortescue Metals Group announces a Resource Estimation report for its Firetail, Kings, Queens deposit at the Solomon project. Annual mineral resource and ore reserve statement. Fortescue Metal Group (ASX:FMG, Fortescue) presents the Ore Reserve | |
| Resources: | (Reserve, P+P): 728Mt @ 56.9% Fe, 6.68% SiO2, 2.66% Al2O3, 0.073%P at Solomon Hub | |
| CP/QP: | [Resources]: Stuart Robinson, David Frost-Barnes (Internal) | |
| ABSTRACT: | Fortescue Metal Group (ASX:FMG, Fortescue) presents the Ore Reserves and Mineral Resources statement for its Hematite and Magnetite properties at 30 June 2016. Ore Reserves and Mineral Resources are reported in accordance with the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, December 2012 (the JORC Code) as required by the Australian Securities Exchange. The annual summary will be included in Fortescue’s 2016 Annual Report and should be read in conjunction with the enclosed supporting technical information (Attachment 1 – Hematite Ore Reserve and Mineral Resources Report and Attachment 2 – Magnetite Ore Reserve and Mineral Resources Report). Operating properties include the Chichester and Solomon Hubs. Ore deposit types include Bedded Iron (BID), Channel Iron (CID) and Detrital Iron (DID) mineralisation. The Iron Bridge Magnetite resource has continued to grow, with an increase in the Magnetite Mineral Resource from the discovery of the new Eastern Limb ore body, adjacent to the North Star ore body. The Iron Bridge Magnetite project is an Unincorporated Joint Venture (UJV) between FMG Iron Bridge Limited 69% (88% Fortescue and 12% Baosteel) and Formosa Steel IB Pty Ltd 31% (a 100% owned entity of Formosa Plastics Group). Chief Executive Officer, Mr Nev Power said “Fortescue is committed to maintaining a long term resource base, while continuing our focus on sustained cost reduction. Our large tenement position in the Pilbara supports a long life production profile, and includes low cost growth options to meet future market demand.” | |
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