Fortescue completes port expansion

Australian miner Fortescue Metals Group has announced that it has completed the US$2.4 billion expansion of its port facilities in Port Hedland, lifting its export capacity to 155 million mt per year. Accordingly, Fortescue is now another crucial step closer to completing its US$9 billion expansion to triple production capacity across its mine, port and rail operations by the end of calendar year 2013.
 
Fortescue stated that the US$2.4 billion port expansion was constructed within Fortescue's revised schedule and within budget.
 
Since Fortescue loaded its first commercial shipment of iron ore for delivery to Chinese steelmaker Baosteel in 2008, the company has exported more than 250 million mt to customers in China and Southeast Asia, including in excess of 11 million mt for third parties.