From the Australian newsaper...

From the Australian newsaper online:
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"Fortescue to use preference shares to fund expansion

IRON ore miner Fortescue Metals Group is to hold a shareholder meeting to change its constitution to allow it to issue preference shares.

Fortescue (ASX: FMG) said preference shares were just one of the funding options being advanced as part of an overall program to fund the expansion of its operations in the Pilbara region of Western Australia.

The miner said it had received a subscription application for preference shares for an aggregate of $140 million, conditional on a successful vote at the shareholder meeting, to be held on September 30.

The project to be funded comprises a port facility at Port Hedland, iron ore mining operations within the Chichester Range and a railway line that links these two sites.

Fortescue also said Friday it had received product prepayment commitments for $US275 million from five Chinese steel mills to help fund the expansion plans.

The Perth-based company said $US68 million has been received so far with the balance due over the next few months."

http://www.theaustralian.news.com.au/story/0,25197,24260576-5005200,00.html
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So here we have the next development occuring for FMG (and we all know what Twiggy is like at making this next stage become reality!)

So anyway with this next stage about to become underway, Kennedy railway spur will be only remaining element FMG needs to complete after that and assuming FMS can ink a mine gate deal with them (or just sell them the farm once JORCed) we'll be well and truly in business far sooner than the sceptics predict.

REMEMBER TWIGGY is championing the use of sharing the rail lines of BHP/RIO, so whether he'll share his FMG lines is only a formality.

P.S: Great call about trying to get Kev Wills to concentrate company on Iron Ore whoever emailed him. I too will email him tommoro about this, as I think the vast majority of shareholders are excited and passionate about this company for the IO prospects, and not diamonds or phosphate or any other minerals!

P.P.S: Three months till FMS JORCing. Don't forget that fellow holders.