FORTESCUE Metals Group Ltd this week announced an off-take agreement with Shanghai Baosteel Group Corporation for up to 20 million tonnes of iron ore per year, following a trading halt on Friday. FMG has secured buyers for the majority of its planned 45 million tonnes a year output. Fortescue and Baosteel have also signed a memorandum of understanding to form a joint venture to explore and develop a potentially large area of Banded Iron Formation magnetite material close to the Fortescue rail corridor and between the mine site at Cloud Break and Port Hedland.
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