Fortescue Metals Group Limited Mining News

Fortescue Q1 iron ore shipments up, price forecast down

Fortescue Metals Group reported slight rise in fiscal first-quarter iron ore shipments, also warned its ore was selling at a greater discount than expected.

Aussie mining billionaire Forrest signs coal deal to end Pakistan slavery

His company will bring in technology that converts coal into diesel, in exchange for laws that end slavery in the South Asian country.

Fortescue delays $3.8 bn infrastructure sale in Australia's iron ore belt

Delay affects smaller iron ore miners who were hoping a deal would unlock access to key rail and export ports.

Rio Tinto breaks the piggy: $4.2 billion investment to boost its iron ore business

Giant miner Rio Tinto (LON:RIO) continues to build its reputation as the most bullish of the major mining companies after it announced today it will spend $4.2 billion on top-tier iron ore projects.

Canadian Teck Resources shows renewed interest for the iron ore industry

Canadian miner giant Teck Resources Ltd. (NYSE:TCK, TSX:TCK.B) is interested in entering the iron ore industry and would seek to acquire a producing asset rather than develop a mining project, chief executive Don Lindsay told Bloomberg yesterday at the Canada Economic Summit, in Toronto.

Give me those 6,000 skilled workers – Rio Tinto

Mining giant Rio Tinto launched today an aggressive recruitment campaign to fill 6,000 vacancies across its 30 operations in Australia.

Big guns all on board for Beijing's new spot iron ore trading platform

Beijing launched the new spot price platform in January in a bid to shift the balance of power in price negotiations away from the big three.

Conditional approval for Cloudbreak Iron Ore Mine expansion in WA

The Environmental Protection Authority (EPA) of WA has recommended strict conditional environmental approval for Fortescue Metals Group to expand their Cloudbreak Iron Ore Mine.

Fortescue smashes shipped ore record

Miner Fortescue Metals shipped a record 14.77 million tonnes of iron ore in the December quarter.

Australia's iron ore miner Fortescue inks deal with aborigines

Australian iron ore mining company Fortescue Metals Group announced on Friday it had signed a land access agreement with the Njamal People for the North Star project in the Pilbara in Western Australia.

Magnitogorsk's assets partly frozen in iron-ore dispute

OAO Magnitogorsk Iron & Steel, controlled by billionaire Victor Rashnikov, had some of its Australian assets including a stake in Fortescue Metals Group, frozen under a court order sought by Eurasian Natural Resources Corp.

Fortescue slams aboriginal heritage survey claims

Fortescue Metals Group has hit out at the claims it forced the change of an Aboriginal heritage survey and damaged sacred indigenous sites, stating that it is part of a malicious campaign against the company.

Fortescue CEO suggests link between mining tax deal and uranium sales to India

Yesterday's announcement by Australian PM Julia Gillard to consider lifting the ban on uranium sales to India is raising eyebrows at one of the country's largest iron ore producers. News.com.au reports Fortescue Metals (ASX:FMG) chief executive Neville Power questioning whether the proposed sales would benefit BHP's Olympic Dam uranium mine in South Australia: "You would wonder," Power said yesterday at Fortescue's Port Headlands wharf in Western Australia.

Australian iron ore magnate Forrest returns to nickel

Reuters Africa reports a company chaired by Australian iron ore magnate Andrew "Twiggy" Forrest wants to reopen a nickel mine in Western Australia shut more than 15 years ago. A successful restart of the Mount Windarra mine by Poseidon Nickel Co , would mark Forrest's return to nickel mining after quitting the board of Anaconda Nickel in 2002 and founding Fortescue Metals Group , Australia's third-largest iron ore company.

China iron ore destocking could take months-Fortescue

Global iron ore prices, down nearly 30 percent since early September, could take months to recover as Chinese steel mills work off inventories, Australian miner Fortescue Metals Group said on Wednesday

Australia's Fortescue wins right to appeal disclosure case

Australian iron ore producer Fortescue Metals Group and its founder Andrew Forrest on Thursday won the right to appeal against a conviction for misleading investors in 2004, the company said in a statement.

Big 3 see no China weakness – iron ore imports could climb 60% to 1 billion tonnes

Speaking to reporters at an industry conference in Qingdao China, the world's largest iron ore miners said on Wednesday they have seen no weakness in demand from China. Forecasts for China's imports by 2015 now top 1 billion tonnes – up more than 60% from 2010 – due to the relatively high cost and the low quality of its domestic supplies. Firm demand from China's construction sector and a drop off in India's exports have been behind the strength in spot iron ore prices which, at above $170 a tonne, have trebled from late 2008. The big three – BHP, Vale and Rio Tinto – control nearly 70% of the annual iron ore seaborne trade and dominate price talks.

Ausdrill contract win to generate A$75 million over three years in Fortescue’s iron ore and it goes underground

Ausdrill has received a Letter of Intent from Fortescue Metals Group for the award of a mining services contract at Fortescue’s Solomon iron ore project, located in the Pilbara region of Western Australia.

Fortescue can still make profits at US$70/t, new CEO says

The bubble that is keeping iron ore prices at historic highs may be about to burst, and when it does, iron ore giant Fortescue Minerals will still be making money, the company's new CEO predicts.

NRW Holdings wins multiple contracts for Fortescue Metals’ iron ore operations

NRW Holdings, leading provider of civil and mining services to the resources sector in Australia, in joint venture with the Ngarluma and Yindjibarndi Foundation Ltd (NYFL) and Eastern Guruma Pty Ltd, has been awarded a contract worth approximately A$80 million for mining at Fortescue Metals Group (Fortescue’s) expansion project the Solomon Hub.

Fortescue iron ore shipments jump

Fortescue Metals Group expects to ship 12 to 12.5 million tonnes of iron ore in the September quarter after shipments rose 38 per cent in the June quarter.

CAT in major autonomous truck milestone with Fortescue while Rio doubles its Komatsu driverless fleet

Caterpillar has made a key announcement on the progress of its autonomous truck program. Together with Australian dealer WesTrac, CAT has signed a Memorandum of Understanding (MOU) with Fortescue Metals Group to implement an autonomous mining solution for Fortescue’s new Solomon iron ore mine.

Fortescue's Chinese shareholder to triple production, seek $1.68bn listing

The Australian reports Fortescue Metals' Chinese shareholder Hunan Valin Steel plans to triple its capacity through mergers and capital investment and is eyeing a listing on the Hong Kong stockmarket to raise up to $1.68bn. The Chinese government last month began another push to consolidate the country's fractured steel industry and is planning to create six or seven mega-groups with the aim of boosting its negotiating power with iron ore giants including miners Rio Tinto and BHP Billiton. Hunan Valin is considered second-tier at the moment but wants to push production to over 30m tonnes/year, similar to industry behemoth Baosteel.

Forrest steps down as CEO of Fortescue to become chairman

Andrew Forrest, the high profile chief executive of major new Pilbara iron ore miner Fortescue Metals Group Ltd (ASX: FMG), as stepped down as CEO but will become the company's new chairman. Forrest is currently […]

Fortescue drops $1 billion term loan raising

Australia's Fortescue Metals said on Thursday that due to weak credit market conditions it had dropped plans to proceed with a previously announced $1 billion unsecured term loan facility. The loan was launched in the United States on Monday by JP Morgan , according to Loan Pricing Corp, a Reuters news service. It was syndicated in the range of 375-400 basis point over London Interbank Offered Rates (Libor), it said.