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Fortescue Metals Group Ltd (FMG.AX)

FMG.AX on Australia Stock Exchange

6.07AUD
27 Mar 2017
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$-0.19 (-3.04%)
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Latest Key Developments (Source: Significant Developments)

Fortescue Metals announces US$1 bln repayment of 2019 term loan
Thursday, 23 Mar 2017 05:46pm EDT 

Fortescue Metals Group Ltd : Fortescue announces US$1 bln repayment of 2019 term loan . Issued a US$1.0 billion repayment notice for 2019 senior secured credit facility . "This US$1.0 billion payment continues our debt reduction strategy lowering our all in cost position and reducing 2019 debt to less than US$1.0 billion." . "Will continue to prioritise free cash flow for debt reduction" . Following this repayment, outstanding balance of 2019 term loan will be reduced to US$976 million .Term loan repayment will generate annual interest savings of approximately US$38 million.  Full Article

Fortescue Metals maintains FY17 guidance for iron ore shipments
Tuesday, 21 Feb 2017 05:44pm EST 

Fortescue Metals Group Ltd : Achieved further improvement in our c1 costs to us$13.06/wmt and shipped 86.1 million tonnes for half year, slightly ahead of targets . FY17 guidance is maintained for iron ore shipments of 165-170 million tonnes with a c1 cost of us$12-13 per wet metric tonne . "Will continue to repay debt" .A$0.20 per share fully franked interim dividend represents a net profit payout ratio of 38 per cent.  Full Article

Fortescue Metals says HY revenue from ordinary activities rises 34 pct
Tuesday, 21 Feb 2017 05:44pm EST 

Fortescue Metals Group Ltd : hy operating sales revenue $4,492 million versus $3,344 million last year . hy profit after income tax $ 1,222 million versus $319 million a year ago . directors declared an interim fully franked dividend of 20 australian cents per share, payable on 6 april 2017 .at 31 December 2016, fortescue's net debt position decreased to us$3,996 million (30 June 2016: us$5,188 million).  Full Article

Fortescue Metals Group says qtrly ore mined 50.1 mt
Monday, 30 Jan 2017 05:58pm EST 

Fortescue Metals Group Ltd : Qtrly ore mined 50.1 mt versus 44.8 mt . Qtrly total ore shipped 42.2 mt versus 42.1 mt . Qtrly C1 costs 12.54 US$/wmt versus 15.80 US$/wmt . Total FY17 exploration expenditure is estimated to be US$40 million . Sees FY17 C1 cost of US$12-13/wmt . Sees FY17 shipments of 165-170mt, subject to wet season impacts . Total FY17 development expenditure expected to be US$40 million .Sees FY17 sustaining capital expenditure of US$2.00/wmt.  Full Article

Metalicity signs deal to acquire prospective lithium exploration portfolio from Fortescue Metals
Tuesday, 20 Dec 2016 01:29am EST 

Metalicity Ltd : agreement for lithium acquisition,fmg-mct.ax . Asx alert-agreement for lithium acquisition,fmg-mct.ax . reached an agreement to acquire a highly prospective lithium exploration portfolio . deal for lithium exploration portfolio in pilbara region of western australia from Fortescue Metals Group Ltd .portfolio including highly prospective lynas find north lithium project.  Full Article

FMG announces further US$1.0 bln repayment of 2019 term loan
Thursday, 15 Dec 2016 04:34pm EST 

Fortescue Metals Group Ltd : Has issued a US$1.0 bln repayment notice for 2019 senior secured credit facility . Fortescue's nearest debt maturity is in june 2019 and is now less than us$2.0 billion . US$1.0 billion repayment of term loan will be made at par on Friday 23 december 2016 resulting in annual interest savings of about US$38 million ."US$1.0 billion payment is a continuation of our focussed debt repayment strategy and further lowers our total cost position".  Full Article

Fortescue Metals reconfirms debt reduction strategy
Wednesday, 7 Dec 2016 09:02pm EST 

Fortescue Metals Group Ltd : Asx alert-debt reduction to continue as FMG recognised as lowest cost . "At current iron ore prices we are generating strong cash flows and we will continue to repay our debt" .Reconfirms its previously announced debt reduction strategy.  Full Article

Fortescue Metals announces retirement of Owen Hegarty and Geoff Raby
Sunday, 4 Dec 2016 06:06pm EST 

Fortescue Metals Group Ltd :Announces retirement of Owen Hegarty and Geoff Raby with effect from 5 december 2016..  Full Article

BC Iron Ltd announces sale of 75% nullagine interest to Fortescue
Sunday, 9 Oct 2016 10:21pm EDT 

BC Iron Limited : sale of 75% nullagine interest to fortescue . transaction will eliminate bc iron's ongoing holding costs and tenement commitments . binding terms sheet entered into for sale of bc iron's 75% interest in nullagine joint venture . fortescue to pay an ongoing royalty on all future iron ore mined from nullagine tenements . bc iron will retain its us$1.5m debt obligation to henghou industries & obligation to pay a$5.2m in deferred state government royalties .as consideration for sale, fortescue will pay bc iron a royalty on 75% of future iron ore that is mined from njv tenements.  Full Article

Fortescue Metals announces resignation of Stephen Pearce as CFO
Friday, 23 Sep 2016 12:34am EDT 

Fortescue Metals Group Ltd : Appointment of Greg Lilleyman as director Operations . Resignation of Stephen Pearce, chief financial officer .  Full Article

More From Around the Web

Fortescue Metals to pay down a further $1 bln in debt

MELBOURNE, March 24 Fortescue Metals Group Ltd , the world's No.4 iron ore miner, will pay down $1 billion in a term loan on March 30, it said on Friday, as it looks to continue its cost-cutting drive.