Not sure if this article was posted previously Once again...

Not sure if this article was posted previously

Once again directors and management is showing that they are forward thinking and not sitting on their back sides

- recent funding transaction of VLOC's with Chinese financier
- automation for trains, trucks and port loading
- tugboats
- ship loading technology to load IO efficiently
- looking to diversify
- operations centre centrally located in Perth
- Vale blending of IO JV
- strong cash position to cater for continuing debt reduction, reducing interest cost and all up cash costs of production per mt
- ongoing commitment to reduce costs further, even if very small cost savings


Best of class management, RIO still having issues with automation and needs to shut shop to fix train issues, both BHP and RIO lagging behind with autonomous truck technology

A few more months of IO above $60.0mt will make their balance sheet bulletproof with credit rerating to bring in instos as LT holders

Article

Fortescue Metals Group has joined the renewed land rush in the Fraser Ranges, pegging a swath of new tenements around Windward Resources’ exploration holdings and just south of the Tropicana gold mine.

Fortescue subsidiary FMG Resources pegged ground across the Tropicana and Fraser Range regions last week, targeting ground prospective for both nickel and gold.

The iron ore major has quietly been expanding its search beyond its traditional Pilbara iron ore tenements in recent years, targeting copper and base metals in South Australia, New South Wales and Ecuador.

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Fortescue’s latest foray includes ground north of Independence Group’s Nova nickel mine and adjacent to that held by Windward Resources — itself a takeover target for Independence Group.

The package extends about 170km north to tenements adjacent to land where Tropicana joint venture partners Anglogold Ashanti and Independence Group have been exploring for new discoveries to extend the life of the 400,000 ounce-a-year gold mine.

It is Fortescue’s second significant foray into the Fraser Ranges since the discovery of the Nova mine.

It built up a 600sqkm holding in the aftermath of the high-grade nickel discovery as the State’s junior rushed into the nearology play, before declaring the tenement package surplus to requirements as the iron ore price softened in 2013 and putting them on the market.

Fortescue chief executive Nev Power confirmed the pegging spree toWestBusiness yesterday.

“Fortescue has recently lodged applications for a number of exploration licences east of Kalgoorlie, consistent with our ongoing strategy of focusing on cashflow generation from our core iron ore business to further strengthen our balance sheet, while creating low-cost future optionality,” he said.

Fortescue holds its annual shareholder meeting in Perth this morning. Its shares closed up 10¢ to $5.57 yesterday.