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Fortescue moves for development at Eliwana iron ore deposit

Fortescue Metals Group Ltd. seems to have decided to develop its Eliwana iron ore deposit in Western Australia, The West Australian reported Dec. 28.

The Eliwana deposit, which has a 740-million-tonne resource at an average iron grade of 59.1%, will replace the company's 27-million-tonne-per-year Firetail iron ore mine.

Fortescue expects expenditure of between US$1 billion and US$1.5 billion to cover the capital cost of the project, according to the publication.