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Letter to MiningNews.net - FMG sceptics still out there

TO THOSE analysts who are of the opinion that there is nothing to stop the upwards movement of Fo...

MiningNews.Net

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The Mount Whaleback mine, operated by Mount Newman Mining, commenced construction in 1967.

At the time, it was one of the highest grade deposits in the world and went on to become the world's largest iron ore mine in the 1970s.

It took the combined resources of Amax, CSR, BHP, Selection Trust, Mitsui and C.Itoh EIGHT years of continuous ramping up of production to achieve an annual production rate of 40 million tonnes.

If Fortescue can deliver on its promise to "hit the ground running" next year with a production rate of 45Mt, I will be among the most surprised mining engineers in Australia.

That a company that has produced not a single tonne of saleable product to date can overtake BHP Billiton's share price, a company that last year, sold $US39 billion worth of products and operates at 70 locations worldwide, is frankly ridiculous.

J. Chidlow
West Perth

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