Fortescue Metals Group (ASX: FMG) has taken another step forward in a quest to triple iron ore production across its mine by finalising construction of a fourth berth at Herb Elliot Port.
The expansion included construction of two new berths, a second and third outloading and inloading circuit, two shiploaders, two reclaimers, two train unloaders, 15.5 kilometres of conveyor systems, transfer stations, sample stations, power and control systems and associated infrastructure.
Despite the lofty scale of the project, Works were completed on time and on budge. Approvals for a 5th berth at Herb Elliot Port are already in place.
The new port will support a substantial increase in shipments of ore from FMG's Pilbara operations to Asia, and the company is just months away from completing a final leg of expansion with construction of the 40 million tonne per annum Kings mine at Solomon.
With iron ore prices nearing $142 per tonne, equity markets improving, and FMG's share price up almost 50% in six weeks, this development provides further confidence in Fortescue's business model, operating ability, and future revenue.
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