Shares in Fortescue Metals Group have surged as much as 25 per cent today as the iron ore miner confirms it has been in talks with companies from China and the UK over investment opportunities.
Fortescue Metals Group has agreed to settle a shipping contract dispute with the issue of $US22 million ($A34 million) worth of shares and has entered into a shipping joint venture.
Iron ore miner Fortescue Metals Group has booked a $1.1 billion net profit in its first full half-year of mining, though in line with previous periods its result has more to do with accounting adjustments than mining operations.
Fortescue Metals Group has reached its targeted 15 million tonne shipment for 2008 while it was 1 per cent shy of its mining goal at its Cloudbreak mine in the Pilbara.
Fortescue Metals Group expects to hold a steady production rate of 55 million tonnes per annum over the course of 2009, setting aside earlier plans to hit that rate by the end of the March next year.
Fortescue Metals Group has dismissed the value of over $190 million of legal claims over the suspension of its shipping contracts as "ambit claims", as it reveals that over $2 million of its funds have been frozen in the United States.
Fortescue Metals Group says it is reviewing the legal status of its shipping contracts as it reveals today that disputes have arisen from a decision to suspend two-thirds of its long-term ship charter contracts.
Fortescue Metals Group has told engineering company NRW Holdings to walk off the Cloudbreak-to-Christmas Creek rail line site in the Pilbara because construction has been deferred.
A day after Treasurer Wayne Swan declared BHP Billiton and Rio Tinto's Pilbara rail lines open to third parties, Fortescue Metals Group Ltd says it has written to the mining giants seeking a rail co-operation deal.
In a major upset to BHP Billiton and Rio Tinto, Treasurer Wayne Swan has declared the iron ore giants' Pilbara rail lines open for a period of 20 years.
Fortescue Metals Group Ltd has appointed former Cape Lambert Iron Ore Ltd chairman Ian Burston and former Oxiana chief executive Owen Hegarty to its board.
MINERAL and petroleum commodities dominate Western Australian exports, with iron ore alone accounting for almost one-third of the state's total exports.
THE expansion of existing iron ore projects, and the commissioning of new mines, is expected to increase pressure on the Pilbara's already squeezed port and rail infrastructure.
Maddington-based civil contractor Brierty Ltd has signed a letter of intent with iron ore miner Fortescue Metals Group for further major earthworks at its port development at Port Hedland in the Pilbara.
Fortescue Metals Group Ltd and its chief executive Andrew Forrest will head to court in April next year to fight claims made by the corporate watchdog.
Parochial investors who put their money into Western Australian stocks have just experienced their worst year in nearly a decade, judging by the results of WA Business News' annual total shareholder return survey.
Fortescue Metals Group is considering a number of finance options to fund expansion plans at its Chichester Range iron project, with a control estimate expected to be released within a few months.
The Western Australian business success story that everyone has been talking about in the past twelve months, Fortescue Metals Group, has topped the emerging brands list.
Andrew Forrest's Fortescue Metal Group Ltd has increased the cost of its Pilbara iron ore project by $31 million, taking the final forecast cost up to $2.796 billion and leaving the company with no formal contingency.
Iron ore newcomer Fortescue Metals Group Ltd is sticking to its May 15 deadline for its first shipment, denying speculation that its debut delivery could be as late as August.
A spokesman for Fortescue Metals Group Ltd said the group would not comment on reports that its chief executive, Andrew Forrest, held discussions with bankers in Beijing earlier this week seeking loans to help fund a $1 billion expansion of its Pilbara ir
Andrew Forrest's Fortescue Metals Group Ltd is in discussion with Clive Palmer's Mineralogy Pty Ltd about the potential of blending low-grade iron ore to supply the Chinese market.
Shares in Fortescue Metals Group soared 25 per cent today to a new record high after the iron ore group revealed a resource estimate for part of its Pilbara Solomon project of more than one billion tonnes.
Fortescue Metals Group Ltd will shift its attention from mining its Christmas Creek deposit in favour of developing a 100 kilometre strip of potentially rich iron ore dubbed ‘Solomon'.
Fortescue Metals Group has signed a joint venture agreement with a subsidiary of China-based Shanghai Baosteel Group Corporation, to explore and potentially develop a one billion tonne magnetite deposit in the Pilbara.
The spectacular rise in Fortescue Metals Group's share price since chief executive Andrew Forrest took the reins has made the iron ore developer the top performing Western Australian stock over the past five years.
Professional Public Relations WA is embarking on a national expansion of its investor relations business, with plans to establish a presence in Sydney, Melbourne and Brisbane.
Pilbara iron ore mining company Fortescue Metals Group made a trading halt request today, prior to an announcement regarding an institutional equity capital raising.
Fortescue Metals Group Ltd has confirmed the extension of negotiations with Chinese steel mill Baosteel Trading Co Ltd over a possible Pilbara iron ore joint venture does not impact on an off-take agreement signed between the two companies.
Its shares may have surged more than 500 per cent in the past 12 months but some analysts argue Fortescue Metals Group Ltd is relatively cheap compared with its mining peers.
Fortescue Metals Group will establish a training program for indigenous people to gain employment in the company's Pilbara iron ore project in association with the North Alberta Institute of Technology, the company announced today.
