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Fortescue sees strong case for magnetite joint venture

Its Iron Bridge project in Australia holds about 5b tonnes of the ore, which commands a premium from mills in China that produce high-quality steel

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Benchmark iron ore prices have tumbled 32 per cent this year amid weaker demand in China's steel sector.

Melbourne

MORE iron ore is probably the last thing the world needs at the moment, though that's not stopping the fourth-biggest exporter looking at boosting output capacity in Australia.

The reason lies in the type of iron ore - magnetite, which commands a premium from mills in

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