News Articles for Fortescue

Rio Tinto has mapped out a positive future for its expanding iron ore business, predicting more efficiency gains in the Pilbara, less competition from other producers and more growth in global demand.

The latest round of annual reports has revealed some highly unusual movements in chief executive remuneration, including at Monadelphous Group and Mineral Resources.

The new owners of Quadrant Energy have spoken to Business News about how the $2.7 billion acquisition came together and their plans for the oil and gas producer.

In some of the state's more remote towns, where electricity can be 700 per cent more expensive to deliver than in Perth, embracing cheaper new technology is only part of the solution to driving down costs.

As companies seek growth outside of WA, the reasons to remain domiciled here diminish.

Architects have a saying about ‘less being more'. The mining industry has flipped that around with ‘more being less', as shown in this week's production reports and share prices of Fortescue Metals and BHP Billiton.

KPMG has named the eight businesses it has selected to participate in its recently announced technology accelerator Energise, which will be held in Perth.

Energy utility owner Duet Group is set to become a bigger player in the WA market, after announcing an agreed $1.4 billion takeover of remote power producer Energy Developments.

Finalists in the 2015 Entrepreneur of the Year awards show how technology and innovation can enable rapid growth, even in mature industries.

Andrew Forrest's private vehicle, Minderoo Group, has announced plans to invest up to $7.3 million in local miner Impact Minerals.

There is no prize for guessing that iron ore companies have plunged to the bottom of the resources component of this year's TSR survey; but what is interesting is the rise of uranium hopefuls, despite few signs of an imminent increase in the uranium price.

It has been a tough year for WA's once-vaunted resources stocks, as our annual TSR survey reveals. Click through to see more on our Shareholder Returns feature.

To best understand what's gone wrong with Western Australia's iron ore industry you need to start by looking back 12 years, to 2003, when an ambitious Andrew Forrest created Fortescue Metals Group.

Business News shines a light on four businesses operating in WA that have achieved the highest level of national recognition for increasing opportunities for indigenous Australians.

The Pilbara Ports Authority lifted throughput to a record 619.8 million tonnes in 2014-15, primarily on the back of a 21 per cent jump in iron ore shipments through Port Hedland offsetting a small decline at Dampier.

Bannister Downs Dairy Company managing director Sue Daubney has won the Industry Advocacy award at the 2015 Women in Industry Awards in Sydney.

July 1 will be little more than a date on a calendar for business, with only incremental change likely in the conditions that made 2014-15 such a grim year.

Macmahon Holdings has sold its Mongolian operations to a private company for $US65 million ($A84m), following a long-standing payment dispute with its client at the project.

The state government has provided a further $4.6 million for drilling and prospecting activities at 44 projects in Western Australia, including Fortescue Metals Group's Trifecta base metals project.

Troubled Perth company Macmahon Holdings has flagged an impairment of up to $125 million in its full-year financial result after losing contracts with some of its biggest clients during the past six months, including Fortescue Metals Group.

The Wirlu-murra Yindjibarndi Aboriginal Corporation has continued to benefit from being one of Fortescue Metals Group's preferred indigenous partners, having joined with Thiess to win an $85 million contract in the Pilbara.

Cost cutting can only take a business so far, and with tough times set to continue for mining services contractors, innovation and diversification have a big role to play. Click through to see more on our Mining Services feature.

Former Fortescue Metals Group chief financial officer and director Chris Catlow has joined Subiaco-based Triton Minerals as its new chairman, with Alan Jenks stepping down from the head of the board to take on a director role today.

DBP Transmission, the owner and operator of the Dampier natural gas pipeline, has signed up for a $245 million, seven-year debt facility with a Japanese bank.

Australia's largest ever philanthropic donation is bearing fruit, with the first five recipients of the Forrest Foundation research scholarships announced at the University of Western Australia today.

A 270 kilometre-long gas pipeline connecting Fortescue Metals Group's Solomon hub operations to the Dampier natural gas pipeline was officially opened today.

New Zealand miner Newmont Wailhi Gold has ended its contract with Macmahon Holdings almost a year early, following a slip on one of the walls of its Martha open pit, which has delayed production.

A federal government move to set itself targets for indigenous procurement has met with a disappointed response from established contractors, with one critic labelling it as ‘smoke and mirrors'.

When done well, highly organised giving transcends being big-spirited because it can shape outcomes.

Neale Fong-chaired Chrysalis Resources has announced its intention to enter the tech market by acquiring a Philippines-based company which operates a mobile banking, payments and remittance platform.

It should be clear by now to Andrew Forrest that his campaign for a political inquiry into the iron ore industry has done the company he runs, Fortescue Metals Group, more harm than good – and might even have stirred up trouble for another local billionaire, Gina Rinehart.

The ‘iron ore wars' and budget battles are defining where power and influence lies in business and politics in WA. Read our latest Most Influential feature to see who is on the rise, whose influence is waning and who has dropped off the list.

Prime Minister Tony Abbott has declared support for an inquiry into the iron ore industry, providing a huge boost for the campaign being waged by Fortescue Metals Group chairman Andrew Forrest against his two biggest competitors.

Premier Colin Barnett has rejected calls for a parliamentary inquiry into the iron ore industry, despite repeating his criticism of the major producers.

Andrew Forrest's private vehicle, Minderoo Group, has subscribed for a majority of A1 Consolidated Gold's recently announced $2.5 million convertible loan placement.

The view from outside of Australia is particularly upbeat for WA, so maybe it's time to focus on the positives.

Rio Tinto and BHP Billiton have highlighted their competitive advantage in the iron ore market, with BHP predicting further large reductions in its operating costs in the Pilbara and Rio detailing the big price discount Fortescue Metals Group has to accept for its products.

As smaller iron ore miners scramble to cut costs to deal with falling prices, another hurdle looms – customers' preference for quality.

Mining industry groups in Perth and Canberra have come out today in favour of free markets in the iron ore industry, after Fortescue Metals Group chairman Andrew Forrest criticised the actions of heavywights Rio Tinto and BHP Billiton.

Rio Tinto reaffirmed today plans to continue its brownfield iron ore expansions in the Pilbara but has noted all new mine developments are still on hold, leaving a question mark over when it will reach its 360 million tonnes per year production target.