News FMG has fallen out with China, IMO this would have been...

News FMG has fallen out with China, IMO this would have been good for the likes of UMC and the CRM tie up...

Can not believe the deal Management made with BHP, disgusting!!!


http://au.news.yahoo.com/thewest/business/a/-/wa/6323253/twiggy-looks-for-new-customers-in-japan-korea/

Twiggy looks for new customers in Japan, Korea
KATE EMERY PORT HEDLAND, The West Australian October 20, 2009, 5:59 am

Twiggy looks for new customers in Japan, Korea

Fortescue Metals Group boss Andrew Forrest has rebuffed suggestions the miner's relationship with China has been damaged by the collapse of talks for $US6 billion of Chinese funding.

But he confirmed the company was looking to expand its customer base beyond China by striking deals with mills in Japan and Korea.

Speaking on site at Fortescue's Cloudbreak mine yesterday, Mr Forrest said the miner's door was "always" open to China.

Asked if there had been any fallout from its decision to shelve Chinese funding in favour of a largely self-funded expansion of its Pilbara operation, he said: "Not a bit."

"I think we will always welcome China but we have been offered very significant sources of capital from the traditional markets again, like the United States," he said. "In volumetric terms there's considerable capital available . . . we'll continue very much to keep our options open."

Mr Forrest said Fortescue was looking to Japan and Korea for offtake deals but declined to comment on any timeframes.

"We have our face squarely turned towards China because they were the first to support us, they've backed us in and they've been very good friends of ours and we will continue to reward that," he said.

"But what we mustn't do is ignore those other (potential) customers who are also very concerned about iron ore supply . . . and we will be doing everything we can to help our customers. We've been having discussions with Korea and Japan for as long as we have with China and China stepped up to the plate."

Mr Forrest described Fortescue's 2.2 billion tonne Solomon deposit as the future of the company and the wider sector.

However, he was less bullish about a new port at Anketell Point, the possibility of which is being explored by Fortescue and Aquila Resources.

"We'll be cheering for it (Anketell Point), we'll be supporting it, but at least in the short term 90 per cent of our (energy) will be directed into expanding Port Hedland," he said.