Iron ore price weakens as Australia flags return to sub-$100 prices
Futures dropped for a fourth day in Singapore, to trade about 3% lower for the week.
Fortescue Metals Group has discovered more than one billion tonnes of iron ore in Western Australia’s Pilbara and aims to develop it rapidly. Sydney Morning Herald reports:
The new project, named Nyidinghu, is about 35 kilometers south of Fortescue’s first mine, Cloudbreak, and contained an inferred resource of 1.032 billion tonnes of ore at a grade of 58 per cent iron, the company said.
In a statement to the stock exchange issued several hours after the market closed, Fortescue said the 1.03 billion tonnes of high-grade Brockman ore was in the inferred category of Australia’s mineral reporting code, the least proved-up category.
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