Solomon Hub iron ore mine Report

Asset Report 23 May 2025

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Report summary

Production at Solomon Hub, part of Fortescue’s Western Hub, is forecast to decline from historical levels of 75–80 Mtpa to 60.5 Mt by 2025, driven by reduced output from the Firetail deposit, which remains operational at lower rates as reserve extensions are explored. Firetail’s dry processing, low strip ratio, and short haul distances have underpinned Solomon’s position as Fortescue’s lowest-cost hub, with C1 costs forecast to fall to US$15.8/t in 2025 before rising to US$17.3/t by 2027 due to higher strip ratios, longer hauls to Queens Valley, and increased reliance on the higher-cost Kings operation. To sustain output, Fortescue is developing Queens Valley, 15 km from the Kings OPF, to support Kings Fines production and extend mine life to 2064, while the acquisition of the nearby Blacksmith project from Red Hawk Mining adds 243 Mt at 59.3% Fe, reinforcing the company’s strategy of leveraging regional synergies and infrastructure.