Fortescue Metals Group (Fmg)

[Geowizard 122]

Fortescue Metals Group is an Australian Iron ore miner.

 

- Geowizard

[steve62 11]

Yes, they have done very well in a short period of time. Absolutely nailed the timing of the Iron Ore ( Commodities ) Boom over the past few years. It's all about China Inc. Even though the bulk of their Steel Mills might be running at a loss, they continue to build their Ghost Cities and churn out Steel at record levels.

 

As you probably know, Fmg doesn't ship from Perth, they ship from Port Hedland. PH is closer to China than Alaska. The quality of the ( Iron ) Ore they Ship is fairly good. The DSO ( Direct Shipping Ore ) is generally around 62 % = Hematite. The Magnetite ( 20 % to 40 % Iron ) Mines are concentrating to about 60 % to 67 % and that is an expensive exercise. The North West of Western Australia has an advantage over Brazil mainly in Freight costs so they can land Ore in China at a cheaper rate than Vale ( Largest Brazilian Miner ).   

 

Any Iron Ore deposit in Alaska would have to be reasonably close to a Port. Fmg, Rio Tinto and BHP have all built their own Railways to Port. These are Multi-Billion Dollar Projects moving Hundreds of Millions of Tonnes of Ore. Imagine Pebble x 3 or 4 in scope and then try and imagine the nightmare of Permitting even just the Railway, let alone an expansion and dredging of the Port to take the Bulk Carriers. Of course, any potential Iron Ore Mining in Alaska doesn't have to be on a massive scale to make money. It might be feasible if the grade was good ( + 60 % Iron ) and the infrastructure was possible but any Deposits which are isolated too far inland are more than likely to remain exactly where they are.       

[Geowizard 122]

steve62,

 

Excellent post!

 

- Geowizard

[Geowizard 122]

Further notes on the subject:

 

Iron was smelted in Pittsburg.

 

- Geowizard