fmg now in trading halt this could be big!!, page-5

set to fly WOW WOW WOW

this is just in, looks like fmg wont have to pay for either mine construction costs nor for the port up front!!

fmg has just signed a deal with two chinese companies to build its port and iron ore mine, with terms similar to the rail deal earlier

according to andrew forrest this has just reduced the originally estimated $1.85bil in capital costs needed by 90% :)

woo GO BABY@!!!

taken from miningnews.net
"FORTESCUE Metals Group's ambitious aim to be the so-called "third force in iron ore" has taken another major step forward with two Chinese Government-owned companies agreeing to design, build and finance port and mine infrastructure.

The two companies, China Harbour Engineering Corp and China Metallurgical Construction Corp, join China Railway Engineering Corp, which is to build the rail line from Port Headland to the proposed mine site in Pilbara's Chichester Ranges.

FMG said the contracts with the three companies limit its financing requirement to less than 10% of the estimated $1.85 billion it will cost to develop a project that'll mine, process and export 45 million tonnes of ore per annum from 2007.

Over the last month FMG has signed three binding ore supply contracts with Chinese steel mills, with two of the deals requiring US$20 million prepayments.

The market's belief in the project is growing by the day judging by the performance of FMG's shares over the last month or so. In early October the stock was trading at a little over 50c. When a trading halt was called today to announce the latest deal, the shares were at $1.66.
"