Costs For Fortescue Project Continue to Rise

Reuters reported Fortescue Metals Group Ltd (ASX:FMG) says its plan to increase iron ore production has now reached a cost of $9 billion.

As quoted in the market news:

…the Australian miner remains on track to reach its target rate by mid-2013.

The cost overruns are the latest to hit an Australian resource development, with A$260 billion ($266 billion) worth of advanced mining and energy projects all competing for workers, equipment and funding.

Click here to read the full Reuters report.