Fortescue Metals Group
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.
Cazaly Resources share prices soared at the Australian stock exchange after its announcement to team up with Fortescue Metals to mine the iron in Pilbara region in Western Australia. It has obtained the documents for renewal process of the land by Rio Tinto under the Freedom of Information Act. It now claims that there are several defects in the renewal process that leaves the land open for rights to occupancy. However, Rio Tinto has strongly objected to any such allegations.
Australian Resources Weekly provided by Australian market analyst UBS.
Impact of Apache explosion
Apache gas pipeline explosion event:
Fortescue was the overall best performing stock taking in a 15.72 percent increase. It was a mixture of metal & mineral, securities services, pharmaceuticals and mining that were among the best performing stocks for the Australian sharemarket for week 46 of 2007: Fortescue Metals (FMG), Computershare (CPU), Sigma Pharmaceutical (SIP), Iluka Resources (ILU). These best performing stocks managed gains over 9.93 percent by the end of the trading week.
Stock analyst UBS hosted nine ASX listed iron ore companies from Western Australia at their inaugural Iron Ore Seminar in Sydney and Melbourne on 13 March 2007. The companies that presented were: Murchison Metals (MMX), Mt Gibson (MGX), Midwest Corp (MIS), Gindalbie Metals (GBG), Sphere Investments (SPH), Grange Resources (GRR), FerrAus (FRS), Fortescue Metals Group (FMG) and Atlas Iron (AGO). The analyst thinks that all of the iron ore companies have ggressive growth targets and are confident of reaching their goals.
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Top 50 Public Companies Listed on the Australian Stockmarket as at 18/07/2008
- BHP Billiton
- Commonwealth Bank of Australia (CBA)
- Rio Tinto
- National Australia Bank (NAB)
- Telstra (TLS)
- News Corporation or NewsCorp (NWS)
- Westpac Banking Corporation (WBC)
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