fmg confirms noble partner Can't believe I've read an article last weekend comparing FMG with AUM......what a croc......
FMG has $$$, great management, and great resources.... and AUM...speculation, speculation...and amateur management......
And the most important....FMG has plenty of IRON ORE ! The most wanted mineral resource for years ahead....CHINA....hehehehehe :)))))))))))))))))))))
FMG confirms Noble partner
Ben Sharples
Monday, July 10, 2006
FOLLOWING media speculation of mystery Russian partners, Fortescue Metals Group has moved to clarify it has entered discussions with Hong Kong-based commodities trader Noble for an equity placement of up to $US300 million ($A400 million).
Andrew Forrest
FMG said Noble had tabled an offer for an equity placement of 10% of the fully diluted shares in the company, with the offer within a price range of $US270-300 million.
The Andrew Forrest-led iron ore hopeful said a condition of the transaction was the establishment of a joint venture marketing company to be owned 51% by Noble and 49% by FMG for the sale of iron ore into China.
FMG said agreement on the terms of the marketing joint venture have not been reached to date.
In addition, FMG said a comprehensive financing package combining debt and strategic equity is planned to be in place within the current quarter.
The company is looking to start commissioning of its $2.5 billion Chichester Range project in the Pilbara in the first quarter of 2008. Production will be ramped up to 45 million tonnes per annum in the initial 15 months of operations.
Shares in FMG gained $1.01 (10.5%) during morning trade to $10.61, capitalising the company at $2.5 billion.
http://www.miningnews.net/storyview.asp?storyid=61643§ionsource=s0
why is it so, page-8
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