The program will begin after the iron ore miner releases its quarterly report on Oct. 25 and will remain in place for a period of up to 12 months.
Fortescue Metal Group Mining News
NCZ Investments Pty, a Fortescue unit, seeks interim orders to restrain Gina Rinehart controlled-Redstone Corp Pty from dispatching its bidder's statement.
The CEO of Fortescue Metals Group said that the company is working towards finding other commodities to mine.
China to allow foreign investors in iron ore futures from Friday.
The company amended its guidance to around 65 per cent of the average benchmark Platts 62 CFR index.
Another 5% iron ore price drop Tuesday slashes $30 billion from top 5 producers' market value in one month.
Iron ore price drops 2.2% as stockpiles in China surge to new record and worries over country's property market mounts.
Big 4 enjoy huge market value gains as the price of their most profitable product and the prospects of their number one customer continue to recover.
The country's commodities forecasting agency expects average price to fall to $90 a tonne over the next five years.
The steelmaking commodity hit a 2½-month low Monday as Chinese steelmakers resist restocking frightened by weakening economic data.
BC Iron's Nullagine mine in Australia will produce another 18 months thanks to an updated mineral resource at it Bonnie East deposit.
Fortescue Metals Group today said it plans to raise $US1 billion ($947.7 million) with a high-yield bond offering to help fund the expansion of its iron ore operations in Western Australia.
Fortescue Metals was up 5% Monday on rumours that Canadian coal and copper/zinc miner Teck Resources is making a play for the third-largest iron ore producer in Australia.