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The chief of iron ore hopeful Fortescue Metals Group says global prices for the metal will stabilise but not plummet when production begins at its Pilbara operations in north-west Western Australia.
Fortescue is building a $4 billion port, rail and mining operation and hopes to begin ore production and export by May next year.
The company's chief executive, Andrew Forrest, spoke about Fortescue's plans during a presentation yesterday at the Diggers and Dealers mining forum in Kalgoorlie-Boulder.
Mr Forrest says prices will continue to rise until FMG comes online, but will then stabilise rather than going into freefall.
"Once Fortescue gets rolling up quickly towards 55 million tonnes, it's got clear, lucid, believable financed plans to go to 200 million tonnes, what you'll see there is the slackening of pressure on the steel industry side to keep producing their own expensive iron ore," he said.
Thu Aug 9, 2007 1:03pm AEST
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