FMG 0.27% $20.61 fortescue metals group ltd

Hi guys a few people have asked for a simple explanation. This...

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    Hi guys a few people have asked for a simple explanation. This is an IOCG deposit the same as Olympic Dam, Carapateena and Prominent Hill. It is the sort of stuff everyone is searching for in the outback of south Australia. Even though IOCG stands for Iron Oxide Copper Gold it is nothing to do with Iron ore mining. The geology in the outback of South Australia has a layer of sediment due to an old inland sea and under that they find these deposits. They search for Iron ore because the IOCG geology has a low grade iron ore as the host rock for the copper and gold minerals. These deposits all become underground copper gold mines. People seem to be getting confused about the Iron ore but this is not an Iron ore. In the process plant the Iron ore will go to tailings and is not a saleable product. BHP also has one they call Oak Dam.
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