Fortescue Invests US$450 Million in Pilbara Generation Project

Fortescue Metals (ASX:FMG,OTCQX:FSUGY) has announced that it will invest US$450 million into the Pilbara Generation project, the next stage of its Pilbara energy connect program.

As quoted in the press release:

Keep reading... Show less

BHP Reports Strong Annual Financials, Optimism for 2020

In its report for the 2019 fiscal year, major miner BHP (ASX:BHP,NYSE:BHP,LSE:BLT) announced that its net debt came to US$9.2 billion, down US$1.7 billion from 2018.

The company attributed the reduction to strong free cash flow, which can be seen in its profits. Attributable profit came to US$8.3 billion, while underlying attributable profit came to US$9.1 billion, marking a 2 percent increase from last year. Meanwhile, profit from operations came to US$16.1 billion.

Keep reading... Show less

Fortescue Metals Breaks Quarterly Shipment Records

Fortescue Metals Group (ASX:FMG,OTCQX:FSUGY) broke a personal record in Q2 with shipments of 46.6 million tonnes (Mt), including 4.7 Mt of its West Pilbara Fines product.

In a quarterly production report, Fortescue announced that its shipments for the 2019 fiscal year hit 167.7 Mt, coming in 1 percent lower than the year before. The company attributed the minor drop to Cyclone Veronica, which hit Western Australia in March and impacted several iron ore businesses.

Keep reading... Show less

Australia Ready to Help Iron Ore Supply Gap: Report

As Vale (NYSE:VALE) continues to pick up the pieces from its Brumadinho tailings dam collapse, Australia is stepping up to help fill the new gap in iron ore supply.

In the most recent edition of Australian government report Resources and Energy Quarterly, officials touted a “significant change” to commodity forecasts for the country down under. Previous forecasts had indicated export earnings would peak in 2018 and 2019, with expected record earnings of AU$278 billion during that time.

Keep reading... Show less

Fortescue Green Lights Queens Valley Development in Pilbara

Further beefing up its iron ore operations in Western Australia’s Pilbara region is Fortescue Metals Group (ASX:FMG,OTCQX:FSUGY), which approved the development of the Queens Valley mining area on Tuesday (May 22).

Queens Valley will be part of the company’s pre-existing Solomon hub, which currently includes the Firetail and Kings Valley mines; the two mines have a cumulative production capacity of 70 million tonnes per year. The addition and development of Queens Valley will see the continued production of Fortescue’s low-alumina Kings Fines product.

Keep reading... Show less

Top News

Related News