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FMG - Fortescue Ltd

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This is what caused the sell off yesterday. Market should have digested the news by today.
 
I urge anyone who is invested in FMG, or contemplating investing in FMG to watch this video.

This is about native title negotiations for FMG to gain access to the land.

I am sure this is not specific to FMG, but it is a demonstration of how not to negotiate.
 
Fortescue really is an amazing story.

Anyway, I wonder if they will end up listing on the hong kong exchange.
 

The original video was on vimeo (see above quote). It has been removed. The following text is taken from the Yindjibnarndi Aboriginal Corporations facebook site:

"Last night Vimeo removed the "Great FMG Swindle" video after threats
from Andrew "Twiggy" Forrest. We had a new version on Youtube within an
hour of finding out and over 11,000 people have now seen it in just over
a week. We have just put out a press release about FMG's latest dirty tricks,
lets wait and see what tomorrow brings."

And this is from crikey.

There are also rumours that Getup will take this up as a campaign.

This is getting big. Worth watching.
 
I am officially embarrassed to be a holder of FMG.

I will still hold the stock, and as a shareholder will communicate my disappointment to them.

 

Typical Barbra Streisand effect (see http://en.wikipedia.org/wiki/Streisand_effect) - try to suppress anything on the Internet and it self propagates. Old people, such as Twiggy and most company directors, often don't understand that in this day and age, it is impossible to contain information. This is the power of the Internet.

If FMG wanted to hide this, they should have let the video stay on vimeo. Now it's front page on ABC news.

Unfortunately for me, I am a FMG shareholder.
 
Pretty disgraceful (and stupid) behavior from FMG managment. Just because its way out in the outback doesn't mean whatever they do can come under scrutiny through the internet. Theres an article on the abc website today about it http://www.abc.net.au/news/stories/2011/04/15/3192211.htm

I can understand that FMG is frustrated with the indigenous elders being split on the issue but to carry out a public meeting like that then try to censor it beggars belief.
 

So they want more money, for what?

Build them (indigenous land owners and local community) housing and they take the beds out and sleep under the stars anyways or they trash it beyond belief...

I was at one mine site years ago for the opening with the Attorney General and ABC news crew too; the mining company pledged $30millioon over a decade and l went back some 5 years later. Nothing has changed for the better of the indigenous community. Where is all this money going that they (ALL INDIGENOUS ROYALTY RECEIVERS) get?

I think that educating the youth would be a far better way of doing things.
 

Nothing personal here, so what you are suggesting is that, their action is immoral. SO why not sell your shares??

If you are suggesting that their action is immoral and you are ashamed as a holder, what is then your goal? Financially, aren't you the same as FMG? All you care is money and the results, why not stop banging your head against the wall.
 

I think you missed the point I was trying to make - I am more worried about how FMG has handled the suppression of this video more than the video itself. Hopefully they have learnt their lesson when it comes to the Internet - you can't stop it once it goes online and the harder you squeeze, the more it will slip between your fingers.
 




Last night's 4 Corners episode was entitled "Iron and Dust" and focused on Fortescue's native title negotiations with the traditional owners of the land surrounding the Solomon Hub mine site.

http://www.abc.net.au/4corners/content/2011/s3270263.htm

I am not a holder of FMG, but I have to admit that Andrew Forrest's responses to Kerry O'Brien's questioning was impressive, to a certain degree, though O'Brien had him nailed on a few points (which prompted Forrest to bluster and obfuscate with the best politicians going around).

If you have a spare 45 minutes, it's well worth watching, as it focuses heavily on the dispute between the tribal elders and the friction that is being caused by the negotiations with FMG.
 
So what do you guys see in the future for this stock? Do you think its huge expansion, 8 Billion dollars, will pay off? Do you guys think that Iron ore prices will drop soon, because they are very high at the moment.
 
You need to remember that so called commodity prices are seemingly high due to US dollar weakness. Whilst there is growing demand that will remain. You need to also remember that AU$ is very strong so these great commodity prices are not high at all for Australian mines.
 
Still going down, even in light of announcements of the 30th September and media release on the same day. A record quarter for production.
 
I have been accumulating FMG recently and have noted a nice ascending triangle developing at the $5.20 mark.

Should it push above this it may be worth a punt.

A similar triangle was very profitable in September 2010 at these levels.

I enclose a chart.

gg
 

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Just catching up on the newspapers.

There is always a reason for a break through resistance.


gg
 
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