Fortescue Metals Group Ltd agreed to increase its iron ore sales to an arm of Chinese steel maker Hunan Valin Iron and Steel Group, now its second-largest shareholder. For more information, click here
By Melissa Pistilli-Exclusive to Iron Investing News BHP Billiton’s hostile takeover bid for rival Rio Tinto finally came to an end last week. On November 25, BHP announced it was dropping its $66 billion bid for Rio due to the current global economic crisis and Rio’s $42.1 billion in debt. The takeover process had begun [...]
By Melissa Pistilli-Exclusive to Iron Investing News Customers of the world’s three largest iron ore producers have asked for shipment deferrals leading the big miners to consider production cutbacks. Vale [NYSE: RIO], the world leader, has cut output by 10 per cent and maintains it will cooperate with customers needs. Rio Tinto [RTP] has also [...]
Fortescue Metals Group looks that it may ship and produce well below the downgraded 2008 iron ore mining target. For full story, click here
Fortescue Metals is moving ahead to more than double its annual production capacity to 120 million tonnes of iron ore a year. For more information, click here
Fortescue Metals inked an agreement with Atlas Iron to earn up to an 87.5 % stake in the low-grade Abydos iron ore project in the Pilbara region of Western Australia. For more news, click here
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