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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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 China that produce high-quality steel. Chunks of the mineral, known as lodestones, were used as early as the seventh century as compasses by Chinese navigators, according to UBS Group AG.
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