The Australian iron ore producer Fortescue Metal Group Ltd has announced the discovery of an iron ore deposit near the Western Australian mine it is currently developing.
The newly discovered deposit at the Solomon project has one billion metric tons of iron ore in reserve and could raise the company's resources by 40 percent to 2.6 billion metric tons.
The discovery is very significant, especially now when iron ore producing companies are having a hard time satisfying the increasing demand for this raw material from China, and will allow Fortescue to strengthen its position in the market.