Fortescue unfazed by Roy Hill
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Fortescue Metals Group (FMG) chief executive officer Neville Power has shrugged off suggestions the miner's exports will be impacted adversely by Gina Rinehart’s Roy Hill project, The Australian Financial Review reports.
According to the newspaper, Mr Power says neither Fortescue nor BHP Billiton will be stopped from ramping up exports out of Port Hedland because of Roy Hill.
"The port is currently under-utilitised and even with Gina Rinehart’s additional tonnes, they are not going to have any material affect on our exports," he said,
Fortescue and BHP both currently have iron ore export targets which are higher than their official allocations at Port Hedland, meaning they need to use spare -- or 'd-class' -- capacity.
"I’m not concerned about Gina Rinehart coming in," Mr Power told the AFR.
"It is good for Australia, for sure. And while it is another competitor, it doesn’t make that big of an impact. We think it is good for Australia in that it is being developed here and not anywhere else."
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