Fortescue Metals Group Mining News

Iron ore sharp recovery helps Fortescue nearly quadruple profit

The world's fourth largest miner of the steelmaking ingredient said it also benefitted from declining costs.

Australia’s record-breaking mining exports hint of new sector boom

Higher commodity exports delivered a record trade surplus of $3.5 billion in December, the second monthly trade surplus Australia has recorded in nearly three years.

Solomon gets green light for 3-fold expansion

Australia's EPA has sanctioned a three-fold expansion of Fortescue Metals Group's (ASX:FMG) Solomon Hub, which could sustain production for another 35 years.

Rio Tinto to ship less iron ore despite increased demand from China

Smaller rival Fortescue Metals went the opposite way — it increased iron ore exports by 5% in the Sep. quarter.

Vale-Fortescue iron ore pact a win-win deal — analysts

Long-term, the deal could be viewed as the first step of a more disciplined approach to iron ore supply by aligning two of the world’s “big four” producers of the commodity.

World’s biggest iron ore port shut as cyclone to hit Australia

BHP Billiton began evacuating workers from its Port Hedland export facilities early Friday.

Goldman forecasts even more pain for iron ore

The bank says prices will remain under $40 a ton for the next three years as China’s slowdown forces the sector into a long period of hibernation.

Down again: iron ore sinks below $40 a tonne

It hit $39.40 a tonne, the lowest price ever recorded by price assessor The Steel Index (TSI), which began compiling data in 2008.

Huge blasts at Chinese port disrupts iron ore, oil shipments

Two huge explosions at the port of Tianjin, the world's 10th largest, have killed at least 50 people and devastated the area.

Iron ore prices hit by fresh evidence of looming surplus

Seaborne with 62% content delivered to Qingdao dropped 0.7% to $51.76 a ton, its sharpest drop in two weeks.

Iron ore prices: the worst is yet to come

Despite the rosy outlook from Australia’s top iron ore producers, they are all facing staggering demand from their biggest customer — China.

Iron ore nose-dives, hits fresh lows of $44.6 per tonne

Chinese import price for 62% iron content fines at the port of Qinqdao lost $5.01 or 10.01% of its value to $44.59 a tonne, the largest percentage drop on record.

Iron ore prices going from bad to worse — below $50

The sustained losses place smaller miners back in the danger zone.

Iron ore hits four-month low

As fresh reports provided further evidence of a slowing Chinese economic and consequently increasing stock piles up at its ports.

Blaze contained at Fortescue's Cloudbreak mine

No injuries.

Producers rally on soaring iron ore price

Iron ore rallies again after Vale CEO predicts 200 million tonnes of Chinese production shutting down and seaborne market growing to 1.44 billion tonnes.

Iron ore, copper oversupply here to stay, so get used to it — BHP’s Mackenzie

BHP Billiton's outspoken chief executive officer believes oversupply will keep global metals prices lower for much longer.

No point in top iron ore miners cutting supply: Goldman

Goldman expects the iron ore "war of attrition" will continue while prices gradually decline toward its $40 per metric ton forecast by 2017.

Fortescue shares skyrocket on Chinese investment rumours

The stock surged over 15% in early trade, closing at A$2.40, or 10.6% up, after reports of Chinese-linked companies seeking permission to invest in the iron ore producer.

Australia ditches iron ore probe after lobby, China-Brazil supply deal

The China-Brazil deal means that in just three years Vale will be producing more than BHP Billiton and Rio Tinto combined.

BHP chief says inquiry into Aussie iron ore market a ‘ridiculous waste’

Andrew Mackenzie also warned the proposed would damage the Australia’s economy and shift investment to main foreign competitor Brazil.

Australia’s Prime Minister Abbott backs iron ore probe into BHP, Rio

Inquiry comes amid claims the mining giants are driving prices down, severely damaging the country's economy .

This is how BHP plans to be the world’s lowest-cost iron ore miner

CEO Andrew Mackenzie announced the firm would cut capital and exploration expenditure to $9 billion in the 2016 financial year from $12.6 billion in 2015.

It’s war! Fortescue boss calls Australians to oppose BHP, Rio iron ore plans

Forrest is blaming BHP and Rio for a fall in the price of iron ore as the pair continue to ramp up production.

Iron ore recovery gives miners breathing space

Prices for the steel-making material added Monday US$1.28 or 2.17% to US$59.09 a tonne, taking its gain since bottoming on April 2 to 25%.