The Fortescue Metals Group Limited (ASX: FMG) share price is pushing higher on Friday after providing an update.
At the time of writing the iron ore producer’s shares are up 0.5% to $17.95.
This means the Fortescue share price is now up over 66% since the start of the year.
What did Fortescue announce?
This morning Fortescue released a mineral resources statement for its development properties. These comprise its Greater Chichester Hub, Greater Solomon Hub, Greater Western Hub, Nyidinghu, and other Pilbara developments.
According to the release, the total development mineral resources has increased by almost 2% over the last 12 months from 7,907 million tonnes (mt) to 8,060 mt.
The main driver of this increase was the Greater Solomon Hub, which has increased its mineral resource by 102 mt to 2,682 mt. This follows updates to its Sheila Valley and Raven deposits.
Also increasing was the Greater Western Hub mineral resource. It has increased by 39 mt to 2,086 mt following updates to the Flying Fish, Cobra, Lora, and Wyloo North deposits. At Cobra, 99mt of the mineral resource is now classified as indicated.
Fortescue’s Nyidinghu mineral resources has been updated with an overall increase of 12mt to 2,475mt. Management notes that the additional tonnes include high grade bedded iron deposits in the Brockman and Marra Mamba Iron Formations, along with channel iron deposits and detrital iron deposits.
Fortescue’s chief executive officer, Elizabeth Gaines, was pleased with the mineral resources update.
She commented: “It is pleasing to see the continued growth in Mineral Resources at our Development Properties. With the increase in Mineral Resources at the Greater Solomon Hub, Greater Western Hub and Nyidinghu, our total Development Mineral Resources now exceeds eight billion tonnes.”
With 8 billion of mineral resources under development, Fortescue certainly has a long runway for growth over the next decade and beyond.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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