Australia based miner Fortescue Metals Group Ltd announced that it will resume works in January 2013 at the Kings deposit within the Solomon mining hub in the Pilbara region of Western Australia.
The decision to complete the development of the Kings deposit in the New Year came with the recent improvement in iron ore prices and market outlook,along with a number of measures undertaken by Fortescue,including the sale of non-core assets,a reduction in operating costs and the restructuring of existing bank facilities.
As SteelOrbis previously reported,in September this year Fortescue announced the deferral of the Kings deposit project to secure the profitability and liquidity of the company in response to volatile market conditions and uncertainty over future iron ore prices.
According to Fortescue,the Kings deposit,that will produce 40 million tonne of iron ore annually,will contribute to Fortescue's capacity expansion to 155 million tonne per year.
