Tag Archives: Fortescue Metals Group

Iron ore miner Fortescue roars back from the brink

Michael Sainsbury It was with an air of triumph that Andrew Forrest, the billionaire founder of Fortescue Metals Group, opened the company’s fourth mine in late March. FMG is Australia’s third-largest iron ore producer; 400 select guests attended the ceremony for Kings, the new site in the country’s remote northwest. Australia’s third-largest iron ore producer,

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Death-defying diplomacy when Abbott’s three-ring circus rolls into Asia

Michael Sainsbury After embarrassing missteps over imperial honours, Tony Abbott will try to make up for some foreign policy howlers when he visits China next month as part of the most ambitious offshore trip by an Australian prime minister in living memory. But he’ll have to do some serious diplomatic acrobatics to avoid making things

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Iron ore tumbles as China slows

Michael Sainsbury Tightening credit conditions in China, high steel inventories and surging supply on March 10 triggered iron ore’s biggest one-day fall in more than three years. Big ore producers, including Rio Tinto and BHP Billiton, brushed aside concerns about slowing demand from China, dismissing the decline in prices as temporary. Chinese steel industry representatives, however,

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Falling iron ore prices a new years gift for struggling mills.

Michael Sainsbury Iron prices are continuing their new year slide, touching six month lows of $123 per tonne last week, confounding analysts who are used to prices spiking before the Chinese New Year. Stockpiles at Chinese ports have soared past 90 million tonnes at the last count yesterday at 92 million tonnes was the highest

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As China’s economy declines so goes the price of iron ore, or does it?

Michael Sainsbury There is little doubt now, even amongst those who were relentlessly bullish (and dead wrong) late last year, that the Chinese economy is slowing, softening, or whatever people would like to call it. In recent days there have been lower than expected inflation and export figures – sure signs that the zing has

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