Fortescue Metals Group

Fortescue Metals Group (FMG)

Stock Code


Stock Exchange


Fortescue Metals Group (FMG) is an iron ore explration company which owns significant iron-ore resources and it is a provider of necessary infrastructure. FMG listed on ASX on 19th of March 1987. During the fiscal year ended June 30, 2007, the company had been exclusively focused on the development of the Chichester Range project situated in the Pilbara region of WA. This project encompasses the construction of a $550M mining and processing facility, a 520km $830M railway system and a $470M port in the Pilbara region of Western Australia.

Fortescue Metals Profit down 40%

Mining company, Fortescue Metals (ASX:FMG) has announced its first half results to the sharemarket.

  • Fortescue Metals Group Net Profit US$478 million, down 40 percent from US$801 million in the previous corresponding period.
  • Revenue was $US3.301 billion, down 2 percent from $US3.357 billion.

Fortescue Seals $1.4 Billion Deal with Leighton

Fortescue Metals (ASX:FMG) has sealed a $1.4 billion deal with Leighton Contractors (ASX:LEI) to deliver a five year full service mine management with a possible two year extension.

  • The five year full service is for its Firetail iron ore deposit at Solomon in Western Australia's Pilbara region.

Fortescue's $4.3 billion Debt Financing Deal

After facing debt turmoil Fortescue Metals (ASX:FMG)is awarded a new debt financing deal from Credit Suisse and JPMorgan.

  • $US4.5 billion (AUD$4.3 billion) debt facility refinancing deal is underwritten by Credit Suisse and JPMorgan.
  • SMH reports that Deutsche Bank's analysts estimated Fortescue now had available funds of $US6.7 billion after the deal.

Debt Fears Dig into Fortescue Mining Share Prices

Fortescue Metals (ASX:FMG) is seeing debt fears affect its share price on the ASX stockmarket. The shares closed yesterday at a three year low, down 48 cents to $2.99.

  • Share prices fell as reports hit the market about Fortescue requesting waiver for all debt covenants for the next 12 months.
  • After ASX stockmarket closed, FMG released an announcement:

Fortescue Metals Full Year Profit Results 2012

Iron ore miner, Fortescue Metals (ASX: FMG) have released their full year financial results for FY 2012 to the ASX stockmarket.

  • Full year net profit US$1.6 billion, up 53 percent.
  • Record revenues $6.7 billion.
  • operating sales revenue up 41 percent to $US6.7 billion ($A6.40 billion), last year: $US5.4 billion ($A5.16 billion).
  • Iron ore mined: 60 million tonnes (up 46 percent)

Fortescue Metals Group to Raise US$1.5 Billion via Junk Bonds

Fortescue Metals (ASX:FMG) is raising US$1.5 billion in junk bonds to fund their expansion in iron ore operations in Western Australia to 155 million tons per annum (mtpa).

The securities issued by FMG are eight year notes at 8.25 percent interest and are callable after four years. The amount was raised by a subsidiary: FMG Resources (August 2006) Pty. Ltd. The previous expansion to 55 mtpa was completed in June 2011.

Fortescue CEO Fights Scepticism

Fortescue Metals (ASX:FMG) chief Nev Power expressed his disappointment with the company's share price and is out to boost this price by ending scepticism.

Power said the price will rise when the sceptics have heard the iron ore miner's story. While he believes that the share price did well, he said it should have done better.

Fortescue's Power on Labor and Iron Ore

Newly minted Fortescue Metals (ASX:FMG) chief executive New Power is aligning himself with businesses against the Gillard government's handling of the economy.

He said the government should not focus on taxation alone, but it should also raise revenue through growth.

Fortescue Plans Mining Automation

Fortescue Metals (ASX:FMG) and US equipment titan Caterpillar have teamed up to use automation at the miner's proposed Solomon iron ore mine. The two companies signed the agreement yesterday, with the participation of a Caterpillar dealer, WesTrac.

Syndicate content