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Some serious profit taking with FMG since Friday.
Currently at $17.36 after reaching $19.50 plus.
Currently at $17.36 after reaching $19.50 plus.
See the announcement?
It is ex dividend day today though.
Some serious profit taking with FMG since Friday.
Currently at $17.36 after reaching $19.50 plus.
todays drop is pretty much exactly what the dividend was,
eg, total dividend value was $1.43 ($1 dividend + $0.43 franking credit)
So that considered, FMG was flat today, not down compared to Friday, meanwhile Iron Ore is still about $30 higher than it was last financial year, and the cash is rolling in building up to pay the next dividend.
I hold FMG and I still think it's a buy just FYI. Brazil's going to be obliterated for quite some time yetGood story, but I am not buying it now that the gains have been already had. As @basilio pointed out earlier, I think the risk/reward is not worth it to jump in now.
Congrats on you for riding it all the way back from $2 VC. What's in your radar other than FMG ? What's the next FMG or 'Capilano Honey' you are doing research on ?
Good story, but I am not buying it now that the gains have been already had. As @basilio pointed out earlier, I think the risk/reward is not worth it to jump in now.
Cheers mate, keep us informed when you are ready to do so. There is no hurry VC, you can even wait till you sell out of FMG to re-invest the profits into the new prospects.as for future ideas, I am working on two possibilities at the moment.
Fortescue Metals Group Ltd (Fortescue) confirms that its wholly owned subsidiary, Fortescue Future Industries Pty Ltd (Fortescue Future Industries), has entered into a Deed of Agreement with the Papua New Guinea (PNG) Government and its wholly owned corporation, Kumul Consolidated Holdings Limited (KCH).
Under the Deed, the parties will promptly investigate the feasibility of potential projects for development of PNG’s hydropower resources to support green industrial operations largely for export to global markets, and also for domestic consumption. This is consistent with Fortescue’s record of delivering both capital growth and yield to our shareholders while sharing the benefits of sustainable development and employment with our local communities.
Fortescue Future Industries shares Fortescue’s commitment to a green industry future and will work closely with local people and communities to establish training and long term careers. This is fully aligned with Fortescue’s approach from its inception that the communities in which we operate will benefit from our growth and development.
Subject to the completion of feasibility studies and approvals, individual projects will be developed by Fortescue Future Industries with ownership and project finance sources to be separately secured without recourse to Fortescue. Execution of studies and approach to capital investment will be consistent with Fortescue’s track record of developing multi billion dollar projects in the Pilbara, at an industry leading capital intensity.
Fortescue is a values-based business, committed to our strategic goals of ensuring balance sheet strength and flexibility, investing in the long term sustainability of our core business while pursuing growth and development opportunities. Our dividend policy remains a payout ratio of 50 to 80 per cent of Net Profit After Tax as we continue to deliver capital growth and superior returns to our shareholders. We do so by targeting the upper end of our dividend payout range.
Yours sincerely
Fortescue Metals Group Ltd
I like FMG and think it is a really well run company. I get a bit nervous, though, when a company moves too far away from what it does best.
It will be interesting to see how this plays out.
I know what you mean, I feel the same way, hopefully they do it in a way that isn’t “ betting the company”, and hopefully enough of the skills in infrastructure and financing carry over to give them a competitive advantage.
I don’t know know to what extent hydrogen or electricity could be exported from PNG, but yeah it’s an interesting story to watch and if it does become a viable way for FMG to deploy capital it will be a good diversification.
From the Press release Twiggy made it clear Fortescue Futures would be financing and developing the PNG project off its own bat. There would be no drawdown from current mining operations.
He did say however they would be using their mining skills and experience to gain best engineering value for the proposal.
https://www.fmgl.com.au/docs/defaul...stries-deed-of-agreement.pdf?sfvrsn=8274399_4
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