Fortescue Metals Group, the world’s fourth largest iron ore producer, plans on constructing a new outer harbor at Port Hedland intended for the magnetite joint venture with Baosteel and Formosa.
According to the article featured on The Sydney Morning Herald, the joint venture is set to develop magnetite assets that have resulted from the company’s successful iron ore export business.
The joint venture with Baosteel and Formosa was formed in August under the name FMG Iron Bridge.
Nev Power, Chief Executive of Fortescue Metals Group, spoke at Port Hedland last Tuesday and revealed that the new port is necessary for the second bigger stage of the FMG Iron Bridge joint venture.
‘We will probably build a stand-alone facility for that and it could be through an outer harbour,” said Mr. Power.
BHP Billiton also planned on building a new $US20 billion outer harbour at Port Hedland but with declining iron ore prices last year, the company abandoned the project.
Mr. Power pointed out that Fortescue Metals Group plans on building a smaller and cheaper outer harbour for the FMG Iron Bridge.
He further added that substantial amounts of space capacity will definitely remain available within the limits of the inner harbour of Port Hedland.
Fortescue Metals Group has firmly established itself as one of the global leaders in iron ore production and sea-borne trading.
The company has been able to achieve all its goals through engagement and support from stakeholders, local communities in the resource rich Pilbara region, as well as governments, suppliers, customers, non-government organizations and financial markets.
In less than a decade, Fortescue has had success after success thanks to its unparalleled growth which contributed greatly to the company being the fourth largest iron ore producer in the world.