CM – Fortescue Metals’ (ASX: FMG) new framework for the Solomon Hub

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Fortescue is one of the largest iron ore miners in the world. It has several mines in Australia.

According to Fortescue, Solomon Hub is in the Hamersley Ranges, 60 km north of Tom Price and 120 km west of the Chichester Hub. It includes the Firetail, Kings Valley and Queens Valley mines, which together have a production capacity of 75 tons per year.

The idea behind this is that the expansion into Queens Valley will help maintain the production of the Kings Fines product. Solomon provides a valuable source of production by blending inexpensive, higher iron content Firetail ore with Chichester lower phosphorus ore to make Fortescue Blend.

Fortescue announced that the miner and members of the Wintawari Guruma Aboriginal Corporation, the mandatory body for the Eastern Guruma people, have established a joint management framework to oversee the development of new mines at Solomon.

Both parties will create a culturally safe mining joint venture to support the Mining deposits in East and West Queens in eastern Guruma Land. The 10-year mining services contract to be awarded to the new joint venture is valued at over $ 500 million, making the contract the largest Fortescue has ever awarded an Aboriginal company.

The facility this framework will continue to guide Fortescue’s future discussions with its domestic title partners and is part of the company’s ongoing commitment with traditional stakeholders to provide training, employment and business development opportunities for their communities.

Over 80% of the US $ 429 million – Dollars spent on Aboriginal businesses in FY21 were given to businesses owned by Native Title Partners and their families of over $ 31 million towards the purchase of a wide variety of plant and equipment for support It is very important for the iron ore mining giant that the Aborigines he works for do the right thing. The business does not have a perfect balance sheet.

As for the current price valuation of Fortescue shares, the situation has deteriorated rapidly in the last few days, which has led to the iron ore price falling. I like Fortescue, but I want to wait and see if China takes action against Australia / iron ore in the coming weeks for the submarine deal.

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