Fortescue lowers ore expectations

Fortescue Metals Group said it expected iron ore production of 23.8m tonnes for the first six months of 2009, taking the output target for the full fiscal year to a downwardly revised 39m tonnes, Lloyd's List reports.

Fortescue, which started mining last May and quickly became Australia's third largest iron ore miner, promised to mine at an annualised rate of up to 45m tonnes to supply the raw material to steel mills in China.

It would be...

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