Fortescue buys Christmas Creek plants
PERTH (miningweekly.com) – Iron-ore major Fortescue Metals has taken full ownership and operational responsibility for the two processing facilities at its Christmas Creek mine, in Western Australia.
The miner this week purchased the plants from fellow-listed Mineral Resources’ subsidiary Crushing Services International (CSI), under an option granted in the original build-own-operate contracts.
Fortescue exercised its step-in rights in September last year following a fatality at the mine, and has since employed 121 members of its workforce on the two plants.
“This cooperative approach has ensured a smooth transition throughout,” said Fortescue CEO Nev Power, adding that it would assist in ensuring cultural alignment among the personnel who were responsible for the day-to-day operations of the assets.
“Fortescue sees this acquisition as an extremely positive benefit for the continued growth of the company. We are now getting substantial volume and revenue increase from our expanded operations, which are generating significant free cash flow and underpinning our accelerated debt reduction programme,” said Power.
Mining began at Christmas Creek in May 2009 with major expansion projects undertaken over the next two years to increase its capacity. During the Christmas Creek expansion, two ore processing facilities were constructed and commissioned, in April 2011 and September 2012. The processing facilities have a combined throughput capacity of more than 50-million tons a year.
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