Search

FMG signs on with new Chinese players

FORTESCUE Metals Group Ltd has signed a further three iron ore sales agreements, with three of China’s top 10 steel mills agreeing to take a total of 3 million tonnes per annum, the company says. The news came on the back of Fortescue securing environmental approval to develop the Cloud Break deposit. The agreement terms with the Chinese mills are all for 10 years with prices based on the industry standard of annual benchmark pricing. Fortescue now has sales agreements for 39.5 million tonnes per annum, which represents 88 per cent of expected initial production of 45mt/year. The profile of Fortescue’s counterparties include 11 of China’s currently ranked top 20 steel mills. Last week, Fortescue secured a $534 million equity deal with New York investment group Leucadia National Corporation, after a similar deal with Hong Kong’s Noble Group fell through.

Login

(existing subscribers)

The password field is case sensitive.
Request new password

Add your comment

BNIQ sponsored byLPC cresa

Share Price

Closing price for the last 90 trading days
Source: Morningstar

BN30 Index

Index = 100 as of 4 Jan 2016
Source: Morningstar

Total Shareholder Return as at 31/10/18

1 year TSR5 year TSR
216thWoodside Petroleum19%3%
243rdSouth3213%0%
398thFortescue Metals Group-9%-0%
423rdIluka Resources-11%-3%
441stMineral Resources-15%9%
744 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

26/10/18
$15.0m Bought
06/09/18
$20k Bought
31/08/18
$0 Other
Total value as at the date of the transaction
Source: Morningstar

Revenue

1st↑South32$10,519.6m
2nd↓Fortescue Metals Group$9,358.7m
3rd-Woodside Petroleum$5,050.0m
4th-Mineral Resources$1,706.7m
5th↑Iluka Resources$1,079.2m
512 listed resources companies ranked by revenue.
Source: Morningstar

BNiQ Disclaimer