Andrew Forest, chairman of Australia's third largest iron ore producer, Fortescue Metals Group (FMG) stated lately during the Boao Forum for Asia that the group are now considering selling some of their magnetite iron ore mines in Australia, and that they have already communicated with potential investors, including Chinese steel enterprises.
FMG is currently the fourth largest foreign supplier of iron ore to China. Mr. Forrest said that FMG expects to reach an annual iron ore production capacity of 55 million mt in the coming year and expects to reach a volume of 95 million mt "soon." He added that 90 percent of the iron ore would be supplied to the Chinese market.
Mr. Forrest also stated that FMG are now carrying out a feasibility study for their Solomon mine, with the first phase targeting an output of 60 million mt, to eventually rise to 150 million mt.