Fortesque Metals (FMG): Winner

Fortescue Metals (FMG) was the best performing company on the Australian sharemarket this week (winner of the week for week 18 of 2007). The mining company gained 22 percent on the week after it signed a new iron ore deal with China. Fortescue was the best performing company on the ASX200 index. The company share price closed the week at $29.22 increasing by $5.18 in a week.

Fortescue Metals Limited is listed on the Australian Stock Exchange (ASX) under stock code FMG. You can view their investor website here. FMG was listed on the ASX on 19 March, 1987. The company is involved in the development of the Pilbara Iron Ore and Infrastructure Project. Andrew Forrest is the CEO of Fortescue Metals. Fortescue has over 2.4 billion tonnes of Resources, including 1.1 billion tonnes of Reserves already delineated from less than 10% of its 38,000 square kilometres of tenements, the largest in the Pilbara. The company is developing The Pilbara Iron Ore and Infrastructure Project and will commence shipping ore from Port Hedland in the second quarter of 2008. The initial plans are to sell 45 million tonnes of iron ore per annum, expanding as the market dictates. Check your charts and good luck with your share trading