11/01/2008 - 15:15

FMG shares end up despite shipment speculation

11/01/2008 - 15:15

Bookmark

Upgrade your subscription to use this feature.

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.

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.

FMG shares ended up more than 6 per cent at $6.59 after a wild ride in early trade as the market absorbed rumours.

This morning there was speculation that FMG would not only miss its internal shipping deadline of March 31 but it would also miss its public deadline of May 15.

However, FMG executive director Graeme Rowley told WA Business News there was no truth to the speculation and that it was on track to meet its May deadline.

The East Perth-based company has plans for 45 million tonne per annum mining operation in the Pilbara.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options