(MENAFN- Qatar News Agency) Australia's largest pure iron producer (Fortescue Metals) said it will resume expansion of the Kings deposit at the Solomon mine hub in January following recent improvements to iron ore prices.
The firm said in a statement issued Thursday it predicts the expansion to raise iron ore output at Kings by 40 million tonnes per annum, for a total production target of 155mtpa by December 2013.
Earlier in September, the company delayed expansions at the Kings deposit in Western Australia's mineral rich Pilbara due to declines in iron ore prices.
Spot prices plunged in 2012, hitting lows of around USD$86 per tonne due to ailing growth in the Middle Kingdom.
Fortescue shares have received a boost from the decision, gaining 2.44% in Thursday morning trading to hit AUD$4.45 per share.
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