FMG - Fortescue Ltd

[treefrog]

Hey Prawn love to know some of these producers that u say are trading at PE of 2. And please don't come back with Centro and Rams.

Got in today at $5.82 on early morning intra-day resistance around 5.80. Surprised it took off the way it did near close.

a start - no idea how much of producers they

ASX Code
Company Name
P/E Ratio
Market Cap

CER Centro Retail Group 2.29 1,337,543,663

PMV Premier Investments Limited 1.19 766,593,427
CNP Centro Properties Group 1.80 726,799,732
TSO Tishman Speyer Office Fund 3.17 490,518,218

TWR Tower Limited 2.69 376,892,772
LRF LinQ Resources Fund 2.10 365,808,010
WOTCA Westpac Office Trust 3.78 279,044,444
AAH Arana Therapeutics Limited 1.43 260,834,501
RRT Record Realty 2.83 245,546,874
CTN Contango Microcap Limited 2.26 198,223,709
IEF ING Real Estate Entertainment Fund 3.31 196,221,595
HAP HFA Accelerator Plus Limited 3.26 189,060,671
MAFCA Multiplex Prime Property Fund 2.95 180,329,521
WAM WAM Capital Limited 3.76 177,013,465
FPG Forest Place Group Limited 3.10 136,254,539
CPK CP1 Limited 2.89 121,917,633

MFI Mariner Financial Limited 3.02 103,424,712
RHG RAMS Home Loans Group Limited 2.24 99,076,807
SLF SPDR S&P/ASX 200 Listed Property Fund 3.87 83,856,017
ALF Australian Leaders Fund Limited 3.92 82,502,979
FGE Forge Group Limited 0.99 78,462,040
DES Destra Corporation Limited 2.74 77,460,246

PNN PepinNini Minerals Limited 3.42 72,667,873
HWG Hostworks Group Limited 1.59 65,920,110
NAM Namoi Cotton Co-Operative Limited 3.87 49,830,205
KAT Katana Capital Limited 3.99 47,520,672
LIC Lifestyle Communities Limited 1.62 46,555,981
GLE GLG Corp Ltd 3.59 34,086,000
CDM Cadence Capital Limited 3.16 29,144,731
OEQ Orion Equities Limited 2.18 21,911,698
AHC AHC Limited 3.01 21,817,653
TAG Tag Pacific Limited 3.30 21,377,518
TWT TWT Group Limited 3.70 20,599,691
SCB Scarborough Equities Limited 2.87 18,356,243
FTD Fig Tree Developments Ltd 0.27 16,228,281
GUL Gullewa Limited 2.98 15,741,443
EPY E-pay Asia Limited 1.84 15,066,488
MPJ Mining Projects Group Limited 1.74 14,668,351
TDI Tidewater Investments Limited 2.63 12,608,401
TTH Tooth & Company Limited 3.33 12,444,402
LCE London City Equities Limited 1.58 12,393,125
TVN TVN Corporation Limited 0.42 10,316,846

 

[austek]

Twiggy has never acheived a target date in 8 years, so add me to the skeptics. My former FP raved about him before he ran Anconda Nickel into the ground thru poor mngmnt skills.

Gotta admit he has done extremely well with U.S. money for FMG and myself too.

But target dates...forget it. He still does not know what they mean, and he admitted in a recent interview that he sets impossible dates for employees to just see what they can do

 

[SM Junkie]

I must be behind the times with Fortescue, I thought they were trying for a shipping target of May 2008. Oops guess they now hope for May 2009.

So now after many months it has finally been announced that their rail line is behind schedule. FMG knew this back in September 2007 when they were informed that some of the rail track would need to be laid by hand. Ironically this was just before their share price started to have a dramatic rise. I do take my hat off to the spin doctors at FMG.

Sadly, I just heard that there has been a death at their Cloud Break site yesterday. I'm sure more information will be released soon. If work place related they may close the site pending an investigation. Waiting to hear more.

 

[The Barbarian Investor]

Be interesting to see what happens to the price Monday with the latest bad news as reported on the radio last night

 

[SM Junkie]

Posted recently on the ABC Radio site:

The CFMEU wants access to a Western Australian mine it says has major safety issues, after a 26-year-old man was crushed to death.

Fortescue Metals Group and construction company United Group Resources have launched a joint inquiry into the death.

CFMEU spokesman Joe McDonald says workers raised 82 safety issues about the Cloudbreak mine near Newman two months ago, but union officials are not allowed on to the site to inspect it because of the AWAs signed by the workers.

"If he's got nothing to hide then he should open up the gates and he should welcome us in there and we should work together to make sure workers go home safely at night," he said.

Chamber of Minerals and Energy spokeswoman Nicole Roocke says the incident has highlighted that safety on mine sites must be a priority.

"Companies needs a risk management system to help them identify where things can go wrong and what they need to do to fix those," she said.

WorkSafe is also investigating the death.

 

[reece55]

Posted recently on the ABC Radio site:

The CFMEU wants access to a Western Australian mine it says has major safety issues, after a 26-year-old man was crushed to death.

Fortescue Metals Group and construction company United Group Resources have launched a joint inquiry into the death.

CFMEU spokesman Joe McDonald says workers raised 82 safety issues about the Cloudbreak mine near Newman two months ago, but union officials are not allowed on to the site to inspect it because of the AWAs signed by the workers.

"If he's got nothing to hide then he should open up the gates and he should welcome us in there and we should work together to make sure workers go home safely at night," he said.

Chamber of Minerals and Energy spokeswoman Nicole Roocke says the incident has highlighted that safety on mine sites must be a priority.

"Companies needs a risk management system to help them identify where things can go wrong and what they need to do to fix those," she said.

WorkSafe is also investigating the death.

Courtesy of ABC News : Link

*************************
The Fortescue Metals Group has expressed sympathy to the family of a 26-year-old Mindarie man who died at one of the company's mine sites.

The rigger died yesterday afternoon at Fortescue Metals' Cloud Break Mine, 150 kilometres north of Newman.

It is understood the man died after he became jammed between the boom lift he was operating and the steel structure he was working on.

The man was working as a rigger for the United Group which is contracted to carry out works on the Pilbara mine.

Worksafe spokesman Nina Lyhne says a report will be prepared on the matter.

"Our primary concern is to find out what caused the incident and do whatever we can to make sure it doesn't happen in the future," she said.

"Our Inspector has been there and inspected the cherry picker that was involved in the incident and we are obviously going to be pursuing that further."

*************************

Not exactly building a good reputation for caring for employees/contractors are they?

Cheers
Reece

 

[Scuba]

From: Newlywed killed at Fortescue mine site
The West 12th January 2008, 9:15 WST
Edits from the story, follow the link above to read in full...
"A 23-year-old man who was married a week ago has been killed in a workplace accident on a Pilbara mine site..."
"...Mr Reynolds said the man was in a boom lift with another worker about 40m in the air when his head became stuck between the building being erected and the controls in the cage.

“He got wedged there and the other worker could not get to the controls to take the boom down to release him,” Mr Reynolds said.

“His head hit the top of the building and pushed him over the controls so the other worker could not get to the controls.”

Mr Reynolds said that there was an override switch on the ground but that the three men on the ground, who he said were from Thailand and did not speak English, were not able to operate the switch.

Mr Reynolds said it was more than half an hour before the man was taken to the ground but by that stage he had died..."

(Copied from post in General forum "457 visas, the "Big Australian" and the true costs...")

Sad to hear about this, as Twiggy/FMG has had a good reputation so far for "looking after employees and inhabitants"...

 

[wildmanchris]

Twiggy has never acheived a target date in 8 years, so add me to the skeptics. My former FP raved about him before he ran Anconda Nickel into the ground thru poor mngmnt skills.

I was gonna add this to my point before - but thought I wouldnt.

I was also gonna add that its the same area that Poseidon Mine was - but I thought lightning never hits the same place twice so left that off too......

 

[shinobi346]

Things starting to not look so good for FMG:
http://www.news.com.au/couriermail/story/0,20797,23045833-5003402,00.html?from=public_rss

 

[sharemadder]

Mr Reynolds said that there was an override switch on the ground but that the three men on the ground, who he said were from Thailand and did not speak English, were not able to operate the switch.

Thats why at my mining workplace we recently introduced a rule that a ticketed operator had to be at the ground controls as back up in case of a accident reoccuring similar to this one. Happened to us not long ago but thank goodness a ticketed operator pulling cable was able to get the fella down even though he was hospitalised for sometime (near death but now back at work).

 

[Miner]

Folks
I hate to comment tonight due to the tragic death of the young fellow at FMG mines. It is sad to see this time Mr Forrest has not come with a bold statement of taking responsibility of this death like he came during cyclone.
The safety induction process of FMG is pretty ordinary and considering they have not produced any ore makes the training a bit desk top than practical on site one.
It is double whammy for FMG with an apparent announcement of rail delay.
I wished to have relied on my own posting made some months back here on rail delay .
Probably the share price of FMG will go down to $4 with a culminating effect of miner death, possible labour unrest and stop work, delay of rail, and DJ sliding effect.
Overall it is a sad story for investors too as FMG is part of ASX 200 now and only hope the situation in safety and mines upgrade part gets improved in next few months

 

[Kauri]

Just rifling through my old files and found thie Fortescue timetable revision, the one before the last one, I guess also the one two before the next one..
Cheers
........Kauri

 

[Go Nuke]

From: Newlywed killed at Fortescue mine site
The West 12th January 2008, 9:15 WST
Edits from the story, follow the link above to read in full...
"A 23-year-old man who was married a week ago has been killed in a workplace accident on a Pilbara mine site..."
"...Mr Reynolds said the man was in a boom lift with another worker about 40m in the air when his head became stuck between the building being erected and the controls in the cage.

“He got wedged there and the other worker could not get to the controls to take the boom down to release him,” Mr Reynolds said.

“His head hit the top of the building and pushed him over the controls so the other worker could not get to the controls.”

Mr Reynolds said that there was an override switch on the ground but that the three men on the ground, who he said were from Thailand and did not speak English, were not able to operate the switch.

Mr Reynolds said it was more than half an hour before the man was taken to the ground but by that stage he had died..."

(Copied from post in General forum "457 visas, the "Big Australian" and the true costs...")

Sad to hear about this, as Twiggy/FMG has had a good reputation so far for "looking after employees and inhabitants"...

Sad to hear about anyone dying, but I guess thats why they taught me as an apprentice to NEVER place yourself between a load (or any other solid structure) where you could be crushed.

As for the non english speaking guys operating the controls...well a good reason NOT to bring migrants in to do the job especially if they cant speak English. What a joke!

Sad, but accidents don't happen unfortunately..they are caused.

I hate Unions but I hope an investigation is done throughout Fortescue metals.
As for the sp, FMG is trading under the 20 Day Average, but I think alot of that can be contributed to the DOW.
Though I wouldn't be suprised to see a short term drop in metal prices when (if any ) confidence returns to the U.S.

 

[barnz2k]

well, I bought a small amount Today. 500 shares. I was too slow to buy on the dip, and got in at 6.5, i should have setup the buy earlier! (i know the day's not over yet. but im going to sleep lol)

News about plant building stopping until death enquiry, but also they are spending more to meet the deadline.

will be an interesting one.

 

[treefrog]

no white knights to rescue the >20% fall today, as there has been for recent dips..........................................

 

[agro]

december construction report is out

everything is up to scratch and on time.


The scheduled FOOS date remains at mid May 2008.

 

[agro]

Pilbara ore shipment on track: Fortescue

January 25, 2008 - 9:15AM

Fortescue Metals Group Ltd said its planned first shipment of iron ore from its Pilbara iron ore and infrastructure project remains on schedule for mid May with overall project completion at 82 per cent.

Fortescue said the project final forecast cost is $2.699 billion, which is an increase of $17 million from last period.

During the month there was also a draw on contingency of $22 million, Fortescue said.

The combined increase of $39 million came from scope changes at Port Hedland worth $24.5 million, additional costs of $10 million and $4 million for port power supply costs.

The miner said port works at the project were 87 per cent advanced, mine sight works were 75 per cent complete, and rail works were 79 per cent complete.

"There are no material delays to the project this month," Fortescue said.

"The scheduled first ore on ship date remains at mid May 2008."

At the company's annual general meeting in November, chief executive Andrew Forrest tipped cost overrun at the mammoth project of two to three per cent.

 

[Prospector]

So if we can maintain a period free from Cyclones and disruptions (nearing the end of the season now) if there was going to be delay, it should be very apparent by now. The cost over-runs were dealt with last year, so unless Mr Forrest is absolutely misleading the market (and he would not want to be doing that!) then this is excellent news.

 

[agro]

HONG KONG (Dow Jones)--China Investment Corp., China's sovereign-wealth fund, and coal miner China Shenhua Group have been in informal talks to buy a 15.85% stake in Australian iron-ore miner Fortescue Metals Ltd. (FMG.AU) in a deal worth US$2 billion, the South China Morning Post reported Monday, citing unnamed sources.

The Fortescue deal "is really early so let's see if a memorandum of understanding materializes" one of the sources was cited as saying.

If the sales proceeds, Harbinger Capital Partners, a U.S.-based investment unit of Harbert Management Corp., would sell its 15.85% stake in the Australian company to the Chinese fund and coal miner, the report said.

Harbinger is the second-largest shareholder in Fortescue after the company's founder, John Andrew Forrest, with a 35.97% stake, the report said.


Newspaper Web site: http://www.scmp.com

 

[barnz2k]

going gangbusters on that news! high of 7.44! nice.
too bad I didnt have more cash when I bought in.