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Fortescue Ore Reserves and Mineral Resources Update: Operating Properties

Mining News - Published on Mon, 20 Aug 2018

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Fortescue Metals Group (ASX:FMG, Fortescue) presents the Ore Reserves and Mineral Resources statement for its Hematite and Magnetite properties at 30 June 2018. Ore Reserves and Mineral Resources are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, December 2012 (the JORC Code) as required by the Australian Securities Exchange. The annual summary will be included in Fortescue’s 2018 Annual Report and should be read in conjunction with the enclosed supporting technical information (Attachment 1 – Hematite Ore Reserve and Mineral Resources Report and Attachment 2 – Magnetite Ore Reserve and Mineral Resources Report).

Hematite Ore Reserve and Mineral Resource – Operating Properties
DescriptionBasisJun'18Fe%Jun'17Fe%
Ore Reserves(Dry Product)225057.4219157.2
Mineral Resources(Dry In-Situ)612256.4527956
 

In million tonnes

Operating properties include the Chichester and Solomon Hubs as well as the Eliwana deposit (part of the Western Hub) following its transfer from development properties. The maiden reserve for Eliwana is at a 60.1 per cent iron grade. Ore deposit types include Bedded Iron (BID), Channel Iron (CID) and Detrital Iron (DID) mineralisation.

The Iron Bridge Magnetite project is unchanged from the 2017 release, with the feasibility study continuing with a focus on optimising the commercialisation of mining, processing and infrastructure. Accordingly, the Mineral Resources and Ore Reserves remain unchanged from the
2017 release.

Magnetite Ore Reserve and Mineral Resource – Operating Properties



"
Ore Reserves"
(Dry In-Situ tonnes prior to processing and product grades)"
705"
67.2"
705"
67.2"
"
Mineral Resources"
(Dry In-Situ tonnes and grades)"
7,892"
30.3"
7,892"
30.3"
 


Chief Executive Officer, Ms Elizabeth Gaines said “As we continue to focus on investment in the long term sustainability of our core iron ore assets, we are pleased to report Ore Reserves and Mineral Resources at our operating properties have increased following the transfer of the Eliwana deposit.

“Development of Eliwana will underpin the delivery of our West Pilbara Fines 60 per cent iron content product, providing Fortescue with greater flexibility to capitalise on market dynamics while maintaining mine lives and Fortescue’s low cost position.”

Source :

Posted By : Rabi Wangkhem on Mon, 20 Aug 2018
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