Fortescue marks milestone

Miner Fortescue Metals Group celebrated eight years exporting iron ore from Hedland last week.

Since that first shipment to Shanghai Baosteel’s Majishan Port, Fortescue chief executive Nev Power said the group has exported more than 680 million tonnes to China, Japan, Korea and India.

“As the world’s fourth largest iron ore producer, we are proud of our continuing contribution to China’s remarkable economic development and ongoing urban growth,” he said.

“We are supporting China’s rapid development and industrialisation, while also taking an active part in the establishment of Australia’s most important trading relationships with China and across the region.”

Despite a slump in the price of iron ore over the past few years, Mr Power remained upbeat about future demand from the Asian giant.

“The recent release of China’s 13th Five Year Plan and our involvement in the 2016 Boao Forum has reinforced the huge potential for further economic co-operation between China and Australia,” he said.

Baosteel president Dai Zhihao congratulated Fortescue on its anniversary and said he valued the two companies’ close-working relationship.