Australia's Big Miners Are Producing Iron Ore At Record Rates

Fortescue’s loading facility at Port Hedland. Photo: Bloomberg.

The mining investment boom has certainly peaked but the production surge continues to gain pace as Australia’s big iron ore exporters prepare to take production to new highs.

The Port Hedland Port Authority reported that it had shipped record throughput of 372.3 million tones in the 2013-14 financial year ended in June.

But the AFR this morning reports that “Fortescue Metals Group and Rio Tinto will push production beyond current record levels in the next 12 months.”

In what sounds like more good news for the Fortescue share price, ready to test its recent downtrend, CEO Nev Power said he was expecting an improvement on the yields it receives for lower grade ores.

“We are confident that price realisation will improve to 85 per cent to 90 per cent of the 62 per cent [benchmark] index.” Power said.

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