Fortescue sees strong case for magnetite joint venture

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.

So eve…