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ASX 200 sinks 2.6%, Zip (ASX:Z1P) enters ASX 200

The ASX 200 (ASX: XJO) has dropped 2.6% so far on Friday.

Fortescue Metals Group Limited (ASX: FMG)

Fortescue announced today that it has received approval from Western Australia to increase the material handling capacity of its Herb Elliot Port facility from 175 million tonnes per annum (mtpa) to 210mtpa on a staged basis. This includes provisions for 188mtpa of hematite ore and 22mtpa of magnetite concentrate.

The high-grade magnetite product will be produced from the Iron Bridge Magnetite operations, with first ore on shop from Iron Bridge scheduled for mid-2022.

This licence will utilise the capacity of Fortescue’s existing port infrastructure, comprising five berths and three ship loaders, and supports the company’s FY21 iron ore shipments guidance of 175mt to 180mt.

Fortescue CEO Elizabeth Gaines said: “Fortescue’s port operations are world leading and we have continually demonstrated our capacity to optimise the efficiency and productivity of our port infrastructure to deliver iron ore to our customers. 

The increase in the licensed capacity of Fortescue’s Herb Elliot Port from 175mtpa to 210mtpa is in line with our strategy to deliver growth through investment, including the US$2.6 billion investment in the Iron Bridge project. This significant project will deliver 22mtpa of high-grade magnetite product, enhancing the range of products available to our customers through our flexible integrated operations and marketing strategy.

We will continue to ensure that Fortescue remains a significant long-term contributor to the State and National economies through growth and development of our iron ore assets, job creation and investment.”

ASX 200 changes

There have been a number of changes announced for the ASX 200 by S&P Global.

Making it into the ASX 200 were: NZ airport operator Auckland International Airport Limited (ASX: AIA), insurance business AUB Group Ltd (ASX: AUB), gold miner Ramelius Resources Limited (ASX: RMS), gold miner Westgold Resources Ltd (ASX: WGX) and buy now, pay later business Zip Co Ltd (ASX: Z1P).

However, a number of business had to leave as well. Out of the ASX 200 are: salary packaging business McMillan Shakespeare Limited (ASX: MMS), coal miner New Hope Corporation Limited (ASX: NHC), outdoor advertiser oOh!Media Ltd (ASX: OML), lithium miner Orocobre Limited (ASX: ORE) and media business Southern Cross Media Group Ltd (ASX: SXL).

Other news

The team over at Rask Media have covered the rest of today’s news, so make sure you head over there for more ASX share market coverage.

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At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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