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Fortescue Says Hits 100 Million Tons Annualized Run Rate in December

Date : 01/04/2013 @ 6:05PM
Source : Dow Jones News
Stock : Bhp Blt Fpo (BHP)
Quote : 38.035  0.095 (0.25%) @ 6:50PM
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Fortescue Says Hits 100 Million Tons Annualized Run Rate in December

Fortescue Metals (ASX:FMG)
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   By Robb M. Stewart 
 

MELBOURNE--Fortescue Metals Group Ltd. (FMG.AU) said its production of iron ore was running at a record 100 million metric tons on an annualized basis in December, exceeding its own target to reach 95 million tons by the end of the year.

Fortescue--Australia's third-largest iron ore producer after Rio Tinto PLC (RIO) and BHP Billiton Ltd. (BHP)--said output was ramping up at its Firetail deposit in Western Australia state's Pilbara region and it was on track to reach production capacity of 115 million tons a year this quarter.

The development of the Kings deposit, which resumes this month after being halted in September, will deliver a further 40 million tons a year of production by December, it said.

"While the year has been a difficult one with volatility in the iron ore market, we finished the year on a huge high," Neville Power, Fortescue's chief executive, said in a statement to the Australian Securities Exchange.

Mr. Power said the company expected to continue setting records throughout 2013.

Write to Robb M. Stewart at robb.stewart@wsj.com

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