FMG 0.10% $10.38 fortescue metals group ltd

january 08 construction report out

  1. 168 Posts.
    very pleasing:

    - The First Ore On Ship (FOOS) date remains at mid May 2008 with overall project completion at 86% measured by value of work.

    - Port works are 90% advanced with a major milestone achieved being the arrival and assembly of the pre-commissioned ship loader which was lifted into place over January 23 - 25.

    - The mine site was 80% complete as at end January with continuing progress on the crushing and screening plants and the product load out vaults.

    -Rail works were 85% complete at end January with the automated track laying complete to chainage 110 and a total of 4 manual track laying teams deployed along the rail line.

    - Project Final Forecast Cost is $2,765 million which is an increase of $66 million from last period. The adjustment was primarily due to an increase in the estimated EPCM costs to WorleyParsons of $61.6m.
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