Now typically not a lot of people get excited about an iron ore project, even if it is an astounding $1.3 billion project. What is important is that this reflects the current demand in China for high quality ore for construction. As I talked about before there is a spike in vanadium demand, which works as an alloy to make rebar and other materials incredibly strong. This demand by China is creating a demand for resources that are not being met. Gold, copper, lithium, cobalt and iron are all needed for the One Belt One Road Initiative in China, as well as the faltering infrastructure in the US.
The other interesting part of this story is the implementation of technology with mining. Fortescue Metals will be using autonomous driving trucks at the site.