The final approval from the NSW state government follows a surprise victory for the pro-coal conservative government in an Australian election in which climate change had been a key issue.
“One of the things we really like in the mining sector at the moment is that large companies like Fortescue are returning cash to shareholders, and not investing in new capacity"
It now expects to produce between 320 and 330 million tonnes of the steel making ingredient in 2019, down from a previous guidance of 333 to 343 million tonnes.