KALGOORLIE (miningweekly.com) – Iron-ore major Fortescue Metals has increased its exploration budget for the 2020 financial year as it pursues a diversification strategy.
CEO Elizabeth Gaines told Diggers & Dealers on Tuesday that exploration spend in the 2020 financial year would increase to around A$140-million, up from the A$96-million spent in the 2019 financial year.
Gaines said that the exploration activity would be driving Fortescue’s future growth by focusing on product diversification.
In addition to iron-ore exploration in the Pilbara, Fortescue is also undertaking copper/gold exploration in Western Australia, and forms part of two exploration joint ventures in South Australia, where it is also hunting for copper and gold.
Furthermore, the miner has just completed its first 3 500 m drilling programme in Ecuador, where it is hunting for copper, and is conducting early stage exploration work in Argentina, which is also prospective for copper.