Fortescue Metals Group

Centennial Coal Company (CEY) the largest Australia based independent coal company which is involved in a coal mining and marketing with the focus on supply of coking and thermal coal to both Australian and export markets was the worst performer in the ASX100 list for the 3rd week of 2010. The company lost 10.9 percent or 46 cents to its stock price and was closed for the week at $3.73.

Caltex Australia (CTX), a company that concentrates on convenience stores and also involved in refining, purchase, marketing and distribution of petroleum products was the best performer of the 2nd week in ASX100 with a gain of 6.9 percent or 64 cents closing the week at $9.86.

Andrew Forrest, the chief executive of Fortescue Metals Group (FMG) has been released from the charges that Australian Securities & Investments Commission (ASIC) brought against him. The Federal court dismissed the charges against the miner and its chief executive yesterday as ASIC failed to present any evidence to support its case.

Iron ore exploration company Fortescue Metals Group (FMG) that owns considerable amount of iron ore is selling its ore to China at spot prices or Asian benchmark contract prices and will no longer go for the discounted rate. The decision was made after the company failed to win a $US6 billion worth of funding deal from that country.

Iron ore exploration company Fortescue Metals Group (FMG) has posted a $US18 million worth of net loss for the September quarter following the adjustments for note liability and foreign exchange. It is to be mentioned that the company switched to U.S. dollar for reporting from AUS in 2009. Fortescue stated that the profit was compared with a restated profit of the corresponding period of the earlier year which was $US99 million.

Bank of Queensland (BOQ), a company that operates in the provision of financial, banking and related services in Victoria, New South Wales, Queensland, Northern Territory, ACT and Western Australia was the worst performer in the ASX100 list that lost 8.05 percent or 91 cents to its stock price closing the week at $10.39.

Fortescue Metals Group (FMG), an iron exploration company has shaken the global iron ore export industry by sighing a deal that links the company’s supply of discounted iron ore to the steel industry of China with as much as $6 billion US dollars in cheap Chinese loans. The deal has challenged the initiatives taken by Rio Tinto to extend its May benchmark settlement as far as iron ore price is concerned in the Chinese market.

BlueScope Steel (BSL), a major investor in the steel industry that focuses in Europe, North America and Asia Pacific was the best performing stocks in ASX100 index for the 29th week that saw a rise of 15.7 percent or 38 cents in its stock price closing the week at $2.80.

Fortescue Metals Group (FMG), an Australian mining company has announced that, it is reviewing the legal status of their shipping contracts as a result of the disagreements developed from the decision of suspending two-third of its long-term shipping contracts.