Fortescue Metals Ships 15 Million Tons of Iron Ore Exports
Australian mining company Fortescue Metals Group (FMG) (ASX:FMG) exported 15.16 million tons of iron ore for the month of August, smashing the company’s previous record of 13.25 million tons.
The achievement helped FMG reach its ramp-up production capacity target of 155 mtpa after officially opening the Kings Valley iron ore mine in March.
“Since completing our ramp up to 155 million tons earlier this year, Fortescue has concentrated on improving safety, reducing costs and operating more efficiently and this monthly result is evidence of our progress,” Fortecue Metals CEO Nev Power said.
“Everyone at Fortescue is especially proud that our port has broken its record for tons shipped and ships loaded at the same time it had zero recordable safety incidents."
The record-breaking achievement also represents a massive increase at Port Hedland, the export terminal many mining companies in Australia utilize. The port shipped 37.38 million tons of iron ore for August, up 10 million from the previous year of 27.4 million. The boost in shipment reveals a shocking production rate of iron ore despite prices falling to all-time lows.
“For the first time in over a decade, the need to eliminate iron ore supply, rather than incentivize it, is determining prices,” Singapore-based CLSA aid this week.
At $75 a ton, many analysts, and even mining companies, expect the price for the precious met to drop even further.
Unmanned train to allow Vale to reopen iron ore plant
Brazilian miner Vale SA will be able to resume operations at its Timbopeba iron ore dry processing plant in up to two months thanks to the use of an unmanned train, the company said in a statement this week.
Vale - Timbopeba iro ore plant
With the train, Timbopeba will be able to operate at least at 80% of its capacity of 33,000 tonnes of iron ore “fines” per day, reports Reuters.
Vale was forced to shut down the plant in the Alegria mine complex recently after labor authorities in Minas Gerais state banned activities close to the Xingu dam due to concerns of a risk of collapse.
Vale said access by workers and vehicles continues to be suspended in the flood zone of the dam due to the ban even though it remains at emergency level 2, which means there no imminent risk of rupture.
But some workers are allowed entry under strict security precautions and they will get the unmanned train going once it has been tested, which would take between one and two months, the company said.
The unmanned train will travel automatically along 16 kilometers (10 miles) of track operated by a system that can control the speed and activate the brakes, Vale said.
Vale announces first ore at Voisey’s Bay mine extension
Vale has reached the milestone of first ore production at the Reid Brook deposit at the Voisey’s Bay mine expansion project in Northern Labrador, Canada - recognised as the safest mine in Canada.