The first stage of the operations is aimed at Firetail deposit, expecting to increase its production rate to 20 million ton a year.
Opening of its 60 million tons Solomon project is said to be in line with company’s plan to expand to 155 million tons per annum by the end of the year 2013.
Commenting on the developments, Fortescue chairman Andrew Forrest said that the opening of Firetail deposit is a significant milestone as it marks the opening of the company’s third mine in five years.
"This achievement consolidates our position as one of the world’s leading producers of iron ore and a vital supplier for our Asian customers," added Forrest.
Meanwhile, Fortescue is mulling over sale of rail and port assets by mid-2013 to raise funds to narrow down its massive debt. It reportedly raised $5bn in US debt markets late 2012.
Fortescue chief executive Nev Power was quoted by The Australian as saying that the company is intending to offload minority stake in the infrastructure, while retaining controlling interest.
"Investors would expect to see us get our balance sheet into a long-term sustainable phase, start that debt pay down process and the transition into higher and higher yields.
"Right now we’re focused on the infrastructure assets," added Power.
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