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Fortescue Shares Rise in Sydney After Iron Ore Discovery
Feb. 28, 2011 07:43AM PST
Base Metals Investing Bloomberg reported that shares in Fortescue Metals Group Ltd. (PINK:FSUMF) rose after the company discovered a large iron ore deposit near its existing projects in Australia.
Bloomberg reported that shares in Fortescue Metals Group Ltd. (PINK:FSUMF) rose after the company discovered a large iron ore deposit near its existing projects in Australia.
The market news is quoted as saying:
The discovery, named Nyidinghu, is about 35 kilometers (22 miles) south of Fortescue’s Cloudbreak operation in Western Australia and contains an inferred resource of 1.032 billion tons of the ore used to make steel at a grade of 58 percent iron.