Fortescue could benefit from Rio’s port blaze

Original article by Paul Garvey
The Australian – Page: 19 : 15-Jan-19

Lower-grade iron ore is currently trading at a discount of about 27 per cent to the benchmark price, compared with 45 per cent a year ago. Peter O’Connor of Shaw & Partners says the discount may narrow further in the wake of a fire at the port of Cape Lambert in Western Australia. Rio Tinto ships about 30 million tonnes of lower-grade iron ore via Cape Lambert, and while it still assessing the damage, it has declared force majeure over shipments from the port. Fortescue Metals Group ships some 170 million tonnes of lower-grade iron ore each year.

CORPORATES
RIO TINTO LIMITED – ASX RIO, FORTESCUE METALS GROUP LIMITED – ASX FMG, BHP GROUP LIMITED – ASX BHP, SHAW AND PARTNERS LIMITED

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