It is reported that Fortescue Metals Group will not be able to meet an ambitious target of ramping up its iron ore operations to 95 million tonnes a year in the next two years as options to get outside funding dwindle.

The West Australian miner recently said it now planned to increase annual production to a rate of 92 million tonnes by April 2013, but that even this date was dependent on a big jump in iron ore prices.

Six months earlier, when iron ore markets were in a worse position but the prospect of external funding from China was brighter, Fortescue said it was planning to get to 95 million tonnes in February 2010.

Mr Graeme Rowley ED of Fortescue said "The 2013 date is now our current option as we look at options to self-fund. If outside funding could be found this date could be brought forward.”

Mr Andrew Forrest Fortescue chief executive was not available to answer questions on the report recently.

(Sourced from http://www.theaustralian.com.au)