FMG posts strong profit, denies boom is over

Pilbara miner Fortescue Metals Group has posted a 53 per cent rise in profits, and rejected claims the mining boom is over.

The company's record profit comes on the back of large expansions in its iron ore operations, where it's aiming to produce 155mt a year by 2014.

Despite suffering from a fall in the iron ore price, FMG pushed out sales growth of 42 per cent to make up for the lower prices.

Following the strong results FMG founder and chairman Andrew Forrest told a forum in Perth the mining boom was not over, and FMG had no plans on slowing down.

"FMG certainly isn't scaling back, our exploration has been hugely successful," he said.

"I don’t see the mining boom is over by any show of imagination."

Forrest said while Australia was still in the midst of the boom it had changed from previous years.

He said mining companies were no longer at the investment stage, and were instead looking to bring into production investments that had already been approved.

To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.