Iron ore mining giants in virus vigil over fly-in, fly-out workforce

Original article by Brad Thompson
The Australian Financial Review – Page: 22 : 5-Mar-20

Fortescue Metals Group has asked all employees who have travelled overseas to remain at home for 14 days before returning to work. One employee was quarantined at the Christmas Creek iron ore mine after reporting flu-like symptoms following a trip to Bali, and Fortescue has confirmed that they have tested negative for the virus. BHP and Rio Tinto are also actively taking measures to protect their workforces from the coronavirus at their iron ore mines.

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

Forrest boosts his stake in Fortescue

Original article by Melissa Yeo
The Weekend Australian – Page: 24 : 29-Feb-20

Fortescue Metals Group has advised that chairman and founder Andrew Forrest bought more than 22 million shares in the pure-play iron ore miner between 20 and 27 February. Forrest paid some $242m to lift his stake in Fortescue from 30 per cent to about 36 per cent. Forrest will receive $828m in dividends for the first half of 2019-20 after Fortescue recently announced an interim dividend of $0.76 per share.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG

Forrest’s payout tops $2bn as Fortescue’s profit rises

Original article by Nick Evans
The Australian – Page: 19 : 20-Feb-20

Fortescue Metals Group has posted a 2019-20 interim net profit of $US2.5bn ($3.7bn), which is 281 per cent higher than previously. The pure-play iron ore miner has reported underlying EBITDA of $US4.2bn and revenue of $US6.5bn for the half-year. Fortescue’s shipments totalled 88.6 million tonnes for the period, and its average realised price for the steel input was 73 per cent higher than the previous corresponding period. Shareholders will receive an interim dividend of $0.76 per share, boosting the wealth of founder Andrew Forrest.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG

Cyclone hits Pilbara iron ore mines

Original article by Peter Ker
The Australian Financial Review – Page: 4 : 10-Feb-20

Tropical Cyclone Damien has been downgraded to category 1 status after crossing the coast of Western Australia. Iron ore mines in the Pilbara are bracing for heavy rain, with the airport that services Fortescue Metals Group’s Solomon mining hub having received more than 200 millimetres of rain in just 24 hours. Rio Tinto’s iron ore ports at Dampier remained closed on 9 February, although Port Hedland reopened on the previous day.

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

Chinese conglomerate isolates 20 workers at Pilbara iron ore mine

Original article by Brad Thompson
The Australian Financial Review – Page: Online : 5-Feb-20

Twenty workers at Citic Pacific’s Sino Iron magnetite project in Western Australia have been placed in quarantine for 14 days, due to concern about the coronavirus. The Chinese company says the move to isolate the workers is a precautionary measure, as they had visited China since 17 January. The company adds that the health and wellbeing of its employees and contractors is its main priority.

CORPORATES
CITIC LIMITED, SINO IRON PTY LTD, MINERALOGY PTY LTD

Flu or no, Fortescue eyes export record

Original article by Peter Ker
The Australian Financial Review – Page: 23 : 31-Jan-20

Fortescue Metals Group’s iron ore shipments from the Pilbara topped 88.6 million tonnes in the first half of 2019-20. A similar performance in the second half would see the group beat its previous full-year record of 170.4 million tonnes. CEO Elizabeth Gaines says the pure-play miner has not yet received any requests from steelmakers in Hubei to delay shipments, despite the temporary closure of the province’s ports due to the coronavirus outbreak.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG

It’s not just Forrest making a killing from Fortescue

Original article by Julie-anne Sprague, Robert Guy
The Australian Financial Review – Page: 13 & 16 : 23-Jan-20

Fortescue Metals Group’s share price rose to a new record high of $12.69 on 22 January, extending the stock’s gain in the year-to-date to 18.7 per cent. The rally has seen the stake of founder and chairman Andrew Forrest rise to around $13.9bn; when his other investments are taken into account, Forrest’s estimated wealth is now about $15.9bn. Other Fortescue executives with an equity interest in the pure-play iron ore miner have also benefited from the stock’s rise, including CEO Elizabeth Gaines and deputy CEO Julie Shuttleworth.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG

Henry sharpens BHP’s iron will

Original article by Nick Evans
The Australian – Page: 15 & 20 : 22-Jan-20

BHP still expects its 2019-20 iron ore production in the Pilbara to be within the range of 273 to 286 million tonnes, after reporting output of 137 million tonnes for the first half. This suggests that production in the second half could be up to 149 million tonnes. BHP received an average of $US78.30 per tonne for iron ore in the first half, which is 41 per cent higher than previously. Meanwhile, BHP has advised that production at its Mount Arthur coal mine in New South Wales was affected by the drought and bushfires during the first half.

CORPORATES
BHP GROUP LIMITED – ASX BHP

Glencore considered Fortescue takeover in 2016, but Forrest wasn’t keen

Original article by Perry Williams
The Australian – Page: 13 & 15 : 6-Jan-20

Sources have indicated that Anglo-Swiss mining giant Glencore held internal talks regarding a potential bid for Fortescue Metals Group in 2016. It is believed that Glencore looked at a possible approach to Fortescue in order to diversify into iron ore and to capitalise on a sharp fall in the price of the steel input at the time. Glencore has declined to comment, while Fortescue CEO Elizabeth Gaines says the company is focused on growing its business. Glencore had previously sought to expand into iron ore in 2014, via a $190bn merger proposal with Rio Tinto.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, GLENCORE PLC, RIO TINTO LIMITED – ASX RIO, BHP GROUP LIMITED – ASX BHP, COAL AND ALLIED INDUSTRIES LIMITED

China appetite for ore strong, says Fortescue

Original article by Brad Thompson
The Australian Financial Review – Page: 21 : 16-Dec-19

Fortescue Metals Group CEO Elizabeth Gaines is upbeat about the outlook for the iron ore price in 2020. She says the benchmark price will continue to benefit from inventory restocking ahead of the Chinese New Year, while she does not expect the price gap between benchmark iron ore and the lower-grade ore produced by Fortescue to widen much. Fortescue received 89 per cent of the benchmark price during the September 2019 quarter, after the gap had widened significantly in mid-2018.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG