Business Spectator reported that Fortescue Metals Group Ltd has upgraded the size of the resource deposit at its Iron Bridge project in Western Australia's Pilbara.
In a statement to the Australian Securities Exchange, Fortescue said the iron ore deposit had been upgraded by two billion tonnes to 5.2 billion tonnes.
The development, which is located 100 kilometres north of Fortescue's Port Headland operations, is 88% owned by the miner. The remaining stake is owned by BaoSteel.
Fortescue has been in talks with several parties over the sale of a strategic interest and potential development funding at Iron Bridge.
Source:
http://www.steelguru.com/raw_material_news/FMG_lifts_size_of_ore_deposit_at_Iron_Bridge/295054.html
