Approval delays keep FMG on tight schedule

Any flexibility in the schedules of Fortescue Metals Group's Pilbara iron ore projects is gone after a delays in securing statutory approvals caused a six-week delay.

In an announcement to Singaporean noteholders, FMG said the company's scheduled first-ore-on-ship date of January 23, 2008 still stood, but most available float had been consumed by delays in the statutory approvals required to commence essential earth railworks.

WIth the approval issues having been addressed, the anticipated start date for the rail earthworks in now November 1.