FMG announce North Star upgrade

Fortescue Metals Group has announced a 72 per cent upgrade of its North Star magnetite deposit in the Pilbara to 2.12 billion tonnes at 31.6 per cent iron.

The deposit is 100km south of Port Hedland and 25km from the company’s existing rail line.

FMG said the upgrade made North Star one of the biggest magnetite deposits in Australia and when combined with the adjacent Glacier Valley project (collectively known as Iron Bridge) contained more than 3.2 billion tonnes.

FMG has placed a priority on its direct shipping hematite deposits to date but said it was evaluating options to partner with third parties to help develop its magnetite projects. The miner said the feasibility study for the North Star project would be was expected to be completed this quarter: “This announcement takes Fortescue’s total JORC defined resource to 12,188 million tonnes comprising 8952 million tonnes of hematite and 3236mt of magnetite.”