Australia's third largest iron ore producer Fortescue Metals Group Ltd (Fortescue) has announced today an increase in its estimated iron ore resource at its Firetail prospect in Western Australia.
The Perth-based mining company said the resource at the prospect, located in the Solomon hub, is now estimated at 300 million mt, up from 125 million mt estimated previously.
The new estimate includes 120 million metric tons of indicated and 180 million metric tons of inferred resources. The company said the target for the deposit is 500-600 million metric tons.
The miner said it continues drilling to target further extension of the ore body.