2020hindsight said:Cyclones George (and Jacob?) at Port Hedland have been particularly tough on FMG sites and constructions. Poor bugas in site sheds that blew over. Surely FMG shares will slow down (if not go backwards) in the short term at least.
Investigators arrive at devastated mining camp
13th March 2007, 10:15 WST
Investigators have travelled to the remote construction camp where two people died and more than 20 were injured when Cyclone George swept through Western Australia's north last week.
Twelve forensics experts, crime scene investigators and WorkSafe investigators this morning took a helicopter to the Fortescue Metals Group railway construction camp RV1, 105km south of Port Hedland.
Perth mother of two Debra Till, 47, died and Craig Raabe, 42, was fatally injured when George slammed into the camp early on Friday morning.
At nearby Indee station, Sydney Baker, 74, died of a suspected heart attack.
Unions have voiced concerns that the camp was not adequately prepared for the powerful category four cyclone.
Police have launched a major inquiry into the deaths and investigators will today begin examining the FMG camp and sift through the wreckage of portable homes smashed by the cyclone.
Police spokesman Brian Cowie said officers would interview about 200 people in what was likely to be a long and protracted investigation.
"It depends on what they find and they've got lots of witnesses to speak to," Mr Cowie said.
Police will be speaking to all of the surviving workers from the mine site as well as rescue workers and others, he said.
FMG's billionaire chief executive Andrew Forrest yesterday defended the company's decision not to evacuate workers from the camp ahead of the cyclone.
AAP
Freeballinginawetsuit said:Strong finish for FMG on the close today if you timed an exit, unfortunate for those that bailed days back. Touching all time highs ATM
Not sure what effect the cyclone publicity will have?, not much effect ATM though. A bit of a concern they can't anchor Donga's to skids......lets hope they can build a mine better.
Kimosabi said:I can't believe the Share Price of this stock and they've hardly sold anything yet.
Kimosabi said:I can't believe the Share Price of this stock and they've hardly sold anything yet.
Though it was yet to ship a single tonne of ore, Fortescue still offered “reasonably good value” when compared to the massive iron ore arms of BHP Billiton and Rio Tinto, he said. Fortescue was trading at $2.39 per tonne of resource, compared to $2.61 for Rio.
But Fortescue’s rapid increase and the potential for lengthy construction and commissioning delays after the cyclone are causing some concern.
“When you get coronial inquiries and so on . . . it can get messy, and what worries me is how they are going to retain all their people,” one east coast analyst said.
Kauri said:A peice of an article from the West Australian paper last week...
Kauri, I'll never doubt your word again.Kauri said:Theoretically it shouldn't affect them too much
Freeballinginawetsuit said:FMG's SP has appreciated another 10 percent since the West's article Kauri.
That brings the valuation of thier expected ore tonnages in line with peers and they haven't even mined yet...........whats the further upside?.
An amazing stock FMG, what a story for long term investors.
lol - thanks - I feel better alreadyKauri said:$250 profit could now be.. ....... $680,000..
2020hindsight said:is, - does one charge back in, or wait for the next
this would imply (I assume) that long term FMG will increase 10% more than RIO will.Fortescue was trading at $2.39 per tonne of resource, compared to $2.61 for Rio.
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