· Metals: Copper +1.0% to $4.38lb, iron ore -0.2% to US$157/t,...

· Metals: Copper +1.0% to $4.38lb, iron ore -0.2% to US$157/t, Gold -0.5% to US$1,809/oz

· Energy: Brent crude +0.8% to US$73.3/bbl, WTI +0.7% to US$69.2/bbl, thermal coal 0.0% to $168.3/t

· Keyovernight stock moves: BHP LND +2.2%, Rio Tinto LND +1.7%, S32 (LDN) +1.0%, Anglo +3.0%, Glencore +2.3%, Vale -0.6%, Alcoa -0.2%, Shell +1.5%, BP +2.0%, Exxon -1.1%, Chevron -0.3%, ConocoPhillips -1.0%

· GlobalIndices: S&P 500 +0.43%, DOW -0.16% & FTSE +0.32%

• FMG posted record FY21 earnings and dividends in line with consensus and BofAe while FY22 guidance is also maintained.
• Assuming $150/t iron ore in FY22, FMG would remain net cash and continue to offer an attractive 14% FCF and dividend yield.
• We trim our PO to $26.0/sh (from $27.0/sh) as we roll our DCF forward. However we reiterate our Buy with 42% potential TSR.

Australia’s Fortescue Metals Group plans to soon announce targets it has set itself for reducing emissions from customers, declaring it will become the first major supplier of green iron ore. The world’s No.4 iron ore producer is pursuing some of the most ambitious green plans in the industry with its efforts to diversify into renewable energy and green hydrogen through its unit Fortescue Future Industries (FFI). "The really big steps for the creation of steel delivered to customers to be decarbonised has to be first the big one - create green iron ore," Andrew Forrest, Fortescue's founder and chairman told a briefing after the company reported record earnings. (Reuters)

Fortescue Metals Group said it would pay out $8bn individends as the Australian miner posted record annual iron ore shipments andnet profits after tax on the back of the economic rebound in China. The bumper results on Monday followed those of rivals BHP and Rio Tinto, which have also reported record profits and flagged multibillion-dollar dividend payouts. Fortescue shipped 182.2m tonnes of iron ore in the 2020-2021 fiscal year, boosted by demand from China’s economic recovery from the Covid-19 crisis and global supply chain snags. (Financial Times)

Billionaire Andrew Forrest has warned investors they betagainst the iron ore boom at their peril after it propelled Australia’s bigthree miners to a record $65.5 billion of cumulative profits in a year markedby unprecedented turbulence. A decade after the iron ore industry was assumed to have peaked, the combined profits from the big miners in the year to June 30 almost doubled those generated during the “mining boom” of 2011 despite the logistical challenges posed by the pandemic and a trade dispute with the biggest iron ore buyer China. (AFR)

Fortescue Metals chairman Andrew Forrest says federalgovernment leadership on a net zero target is “critical” to ensure investmentis not driven from Australia, as he vowed to use record iron ore profits tocarve a future in clean energy. Speaking after Fortescue posted a record $US10.29 billion ($14.1 billion) full-year profit that enabled the company to pay more than $11 billion worth of dividends to shareholders, Dr Forrest said government action on climate change was now “critical”. (AFR)