Fortescue ventures outside of iron ore Fortescue Metals Group continues to dabble outside its Pilbara iron ore heartland, announcing an early stage agreement to investigate territory in South Australia that looks prospective for copper, gold and iron ore. The non-binding deal with ASX listed Monax Mining will see the pair investigate a section of the old Woomera Protection Area, which has been off limits for the past 28 years due to being part of a missile testing range. The early stage agreement was struck using FMG Resources Pty Ltd, which is a subsidiary of Fortescue Metals Group. While the deal is financially trivial to Fortescue, it is one of several recent indications that the company has an eye on the future beyond iron ore. Late last year Fortescue toyed with the idea of becoming major shareholder in a small shale oil aspirant, but eventually decided to walk away from the deal. In January, Fortescue chief executive Nev Power said while it was not a priority, the company would consider investments in other commodities. "We have a very open mind as to where we might expand the company beyond our iron ore assets," he said. We recognise there may be some opportunities coming up in other commodities and other industries and therefore we will always be reviewing where those opportunities lie, where we think we can leverage on our core skills. But for now Fortescue's biggest priority remains its iron ore business in the Pilbara, and in particular, an ongoing attempt to sell down a stake in its rail assets. The sell down should raise several billion dollars for the company, which will help ease its debt pressures. Overseas pension funds and rail operators are among those taking an interest in the selldown, which is likely to result in rival companies getting access to Fortescue's railway. Todays deal with Monax is still awaiting approvals the federal government, and will then see Monax conduct three months of due diligence.