Stock Markets17 minutes ago (Oct 01, 2021 04:15AM ET)
© Reuters. FILE PHOTO: A train loaded with iron ore can be seen near the Fortescue Solomon iron ore mine located in the Valley of the Kings, south of Port Hedland, in the Pilbara region of Western Australia December 2, 2013. REUTERS/David Gray/File Photo
(Reuters) -Australia’s Fortescue Metals Group (OTC:) Ltd said on Friday it had restarted operations at its Solomon Hub site in Western Australia, a day after a worker died at the site, adding that its cost and output forecasts for fiscal 2022 remained unchanged.
The world’s No.4 iron ore miner was forced to temporarily halt work at Solomon Hub after a worker lost his life following a ground collapse on Thursday, prompting an investigation by the state’s mining department and police.
The pause also partly led to a spike in iron ore prices on Thursday.
“Ore processing activity has recommenced and mining activity is progressively resuming. Fortescue continues to work closely with all relevant authorities on the incident investigation,” the miner said in a statement.
The Solomon Hub comprises of the Firetail, Kings Valley and Queens Valley mines, which together have a production capacity of 75 million tonnes of iron ore a year.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.