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☆ Outlook for China's iron ore market remains strong amid energy transition, says Fortescue Metals CEO
▼ + stars: | 2024-03-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOutlook for China's iron ore market remains strong amid energy transition, says Fortescue Metals CEODino Otranto, CEO of Australia's Fortescue Metals, discusses the outlook for China's iron ore industry at the Boao Forum for Asia in Hainan.

Persons: Fortescue, Dino Otranto Organizations: Fortescue Metals Locations: Asia, Hainan

☆ Fortescue shareholders vote against remuneration report
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: 1 min

The logo of Fortescue Metals Group adorns their headquarters in Perth, Australia, November 11, 2015. REUTERS/David Gray/File Photo Acquire Licensing RightsMELBOURNE, Nov 21 (Reuters) - Australia's Fortescue (FMG.AX) said shareholders did not approve its annual remuneration report at a vote at its annual shareholder meeting on Tuesday. "Based on the votes received to date on this resolution, Fortescue will receive a first strike for the FY 23 remuneration report," said Penny Bingham-Hall who is chair of the company's remuneration committee. "We acknowledge this feedback, particularly in relation to the special one off payments made in the last financial year." Reporting by Melanie Burton; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, Australia's Fortescue, FMG.AX, Fortescue, Penny Bingham, Melanie Burton, Christopher Cushing Organizations: Fortescue Metals, REUTERS, Rights MELBOURNE, Hall, Thomson Locations: Perth, Australia

Fortescue approved investments in the U.S. hydrogen hub in Phoenix, Arizona; the Gladstone 50 megawatt green hydrogen project in Queensland, Australia; and the Christmas Creek green iron trial commercial plant in Western Australia. About $550 million will be used for developing an electrolyser and liquefaction facility in Phoenix, where first production of liquid green hydrogen is targeted for 2026. I think some of the market's concerns will be allayed because the capital investment required is pretty minimal in the scheme of things." Under a plan to ramp up its green energy business, Fortescue said in August it would stop allocating 10% of its net profit to that unit. Fortescue shares were up 1% on Tuesday in a strong market for iron ore miners, with peers BHP (BHP.AX) and Rio Tinto (RIO.AX) up 1.5% and 2% respectively.

Persons: Melanie Burton, Australia's Fortescue, Fortescue, David Coates, BHP, Himanshi, Richard Chang, Clarence Fernandez Organizations: Fortescue Metals Group, REUTERS, Arizona, MELBOURNE, Gladstone, Fortescue Energy, Fortescue, Rio Tinto, Thomson Locations: Pilbara, Port Hedland, Western Australia, U.S, Phoenix , Arizona, Queensland, Australia, Phoenix, Brazil, Kenya, Norway, BellPotter, Sydney, Michigan, New York, Rio, Bengaluru

A worker walks near conveyer belts loaded with iron ore at the Fortescue Solomon iron ore mine located in the Valley of the Kings, around 400 km (248 miles) south of Port Hedland in the Pilbara region of Western Australia December 2, 2013. The world's fourth-largest iron ore miner, which has been beset by senior management turnover over the past two years, earlier in the day announced the resignation of its metals division head and co-CEO Fiona Hick. Fortescue shares, up nearly 2.1% so far this year, fell as much as 6% to A$19.7 by 0200 GMT. A review of its assets at the company's Iron Bridge project resulted in a pre-tax impairment charge of $1 billion. The company said rising interest rates and industry-wide inflation had fuelled the asset write-down at its Iron Bridge project, a major plank in the group's growth strategy.

Persons: Fortescue Solomon, David Gray, Australia's Fortescue, Fiona Hick, Fortescue, Echha Jain, Roushni Nair, Rashmi Organizations: REUTERS, Metals, Fortescue Future Industries, Fortescue Energy, Gibson, Phoenix Hydrogen, Thomson Locations: Port Hedland, Pilbara, Western Australia, Australia, Bengaluru

☆ Fortescue sees solid iron ore demand this year on China property support
▼ + stars: | 2023-02-15 | by ( ) www.cnbc.com time to read: +1 min

Australia's Fortescue Metals said it expects solid iron ore demand this year given China's support for its property and construction sectors, as it reported lower profit and dividends for the first half and flagged persistent inflationary pressure. Fortescue was seeing "really good" demand for its lower grade iron ore after the Chinese New Year, given compressed margins at steelmakers, Chief Executive Fiona Hicks said on Wednesday. Steelmakers tend to buy cheaper ore when their profits are under pressure. Against that backdrop, Fortescue is set to retrench up to 1,000 staff from global and local operations, the Australian newspaper reported last week. Company executives did not confirm job cuts, but founder and executive chairman Andrew Forrest said: "The typical pattern of Fortescue we grow, steady the ship, consolidate ... and grow again."

☆ Australia's Fortescue taps Woodside veteran as CEO amid green energy push
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Australia's Fortescue Metals Group (FMG) can be seen on a bulk carrier as it is loaded with iron ore at the coastal town of Port Hedland in Western Australia, November 29, 2018. REUTERS/Melanie Burton/File PhotoNov 29 (Reuters) - Australia's Fortescue Metals Group (FMG.AX) on Tuesday appointed former Woodside Energy (WDS.AX) executive Fiona Hick as its chief executive officer, effective February 2023, as Elizabeth Gaines made way for a new boss in August. Hick joins Fortescue at a time when the iron ore giant is delving into mining of critical minerals and rare-earths and is also striving to transition into a green energy firm through its unit Fortescue Future Industries (FFI). She will lead Fortescue Metals' mining arm, culminating a year-long search by the company's billionaire-founder and chairman Andrew Forrest. Gaines, who oversaw a tripling in the share price of one of the world's biggest iron ore miners in the past four years, remains on Fortescue's board as a non-executive director.

☆ Fortescue Metals posts rise in iron ore shipments, costs grow
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

Oct 27 (Reuters) - Australia's Fortescue Metals Group (FMG.AX) on Thursday reported a 4.2% rise in iron ore shipments for the first quarter, boosted by higher production at its key operations in Western Australia. However, rising prices of diesel and labour pushed Fortescue's direct costs 16% higher year-over-year to $17.69 per wet metric tonne (wmt). The world's fourth-largest iron ore miner said it shipped 47.5 million tonnes (mt) of iron ore in the quarter ended Sept. 30, compared with 45.6 mt a year earlier. The company, however, kept its full-year guidance unchanged, expecting to ship between 187 million tonnes to 192 million tonnes of ore in fiscal 2023. Reporting by Jaskiran Singh in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ As market volatility persists, Wall Street analysts say to sell these stocks
▼ + stars: | 2022-10-17 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Seven of the stocks — all part of the MSCI World Index — have analysts' price targets below their current share price, according to FactSet data. Equity analysts at investment banks and research firms rate stocks as sell or underweight if they believe the shares will perform poorly over the next 12 months. Analysts' median price target for AMC is 57.5% below the current share price, FactSet data shows. Wedbush Securities analyst Alicia Reese downgraded AMC from $4 to $2 but believes the company has long-term potential at her price target. Clorox Analysts' average price target on Clorox is just 1.4% below the current share price, but 11 out of 14 analysts covering the stock give it a sell or underweight rating.

Workers talk outside an office building at the Fortescue Metals Group (FMG) Christmas Creek iron ore mine located south of Port Hedland in the Pilbara region of Western Australia, November 17, 2015. Register now for FREE unlimited access to Reuters.com RegisterThe world's fourth-largest iron ore producer anticipates cumulative operational savings of $3 billion by 2030 with payback on investment by 2034, and expects to save $818 million in costs per year from 2030 onwards. Fortescue and its green-energy unit Fortescue Future Industries (FFI) are trying to rapidly develop infrastructure and technology to produce green hydrogen, as the miner transitions from a pure-play iron ore producer to a green energy firm. (https://bit.ly/3f3jt2R)The miner expects "attractive economic returns" on operating cost savings after eliminating diesel, natural gas, and carbon offset purchases from its supply chain, it added. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sameer Manekar in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

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