Fortescue absolutely smashing it out of the park. Twiggy also stepping up to the plate with aquiring 10 million CV test kits. Great video clip here. Twiggy at his best, explaining just what he's focused on, and what the press has been up to.
'Twiggy' Forrest's Fortescue says China key to nation's recovery
Andrew "Twiggy" Forrest-backed mining giant Fortescue expects to increase iron ore shipments in the next two months, saying China's rapid recovery is set to build demand for Australia's top export earner and will be vital to the nation's post-lockdown recovery.
A day after the billionaire magnate urged the Morrison government against straining relations with China, Fortescue Metals Group revealed shipments of steelmaking commodity iron ore to China have been largely unaffected by the coronavirus crisis and were likely to increase as China's recovery continues.
Fortescue chief executive Elizabeth Gaines said the company was on track to hit its full-year export target and raised expectations it could ship a further 2 million tonnes this financial year."Fortescue is a core supplier of iron ore to China and we see strong ongoing demand for our products and anticipate a steady recovery in economic activity in that market," Ms Gaines said.
Australia's iron ore exports for the 2019-20 financial year are expected to be worth $81.5 billion, according to government forecasts, followed by exports of coal and liquefied natural gas. Fortescue on Thursday raised its iron ore guidance to between 175 million tonnes and 177 million tonnes for the year.
Mr Forrest – Fortescue's billionaire founder, chairman and largest shareholder –addressed a media conference yesterday to announce he had secured 10 million coronavirus testing kitsfrom China and urged Canberra to maintain close ties with Beijing. The calls came amid signs of rising diplomatic tension as the Morrison government seeks a global inquiry into the origin of the COVID-19 outbreak in China. "Australia needs to walk that line where we have a best friend in America, a best friend in China, best friends across South-East Asia," Mr Forrest said.
The market for iron ore, Australia's top export, has remained strong this year, with prices remaining above $US80 ($122) a tonne as China's steelmakers kept on producing through the lockdowns and as supply disruptions emerged in other iron ore-exporting nations. Fortescue said it had shipped 42.3 million tonnes of iron ore in the three months to March 31, ahead of market expectations.
Fortescue and rival miners BHP and Rio Tinto have, so far, been largely spared from the brunt of virus-related restrictions at their mining operations in the Pilbara, regularly meeting with authorities andintroducing strict protocolsat their airports and mines to bolster hygiene, ensure physical distancing and minimise infection.
However, Fortescue, like many of Australia's big resources companies, announced it would scale back its investment spending for the 2019-20 financial year. The miner had initially targeted spending up to $US2.4 billion but on Thursday revised down the figure to $US2.2 billion.
Ms Gaines said Fortescue had introduced a series of measures to prevent the spread of infection to any of its worksites, including extending operational rosters to reduce staff movement.
"The health and safety of our people, their families and the broader community is our priority, and we have been responsive to the unprecedented global COVID-19 health pandemic and economic crisis," she said.
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