FMG - Fortescue Ltd

[renim]

the quarterly report was interesting
very roughly
cash was close to crunch, but was not, apears FMG knew how close to get the line
cash flow is good and will get sublime
10 road miners are go, 2 more being assembled and 2 more coming
rough calc was road miners having 88mtpa capacity? (includes 2 being serviced at any time.)
some type of expansion is also underway.

next 6 months should be very productive in SP, but near term will still be choppy until future expansion plans are known

 

[Miner]

You may like to see this from WERE

FMG – Fortescue Metals– Weres keep BUY and 1219c target – said FMG has achieved excellent start to its iron ore production with project completion achieved within set time frames – says Australia’s iron ore stocks well positioned nearby major markets and that the global market will strongly support FMG’s ramp up and future expansions. Changes FY08 and FY09 EPS by -7.5% and +3.8%

Looking for a up market after good DJ index

Enjoy the prosperity (I do not hold FMG)

 

[agro]

Fortescue shareholder sells $226 mln stake -source

SYDNEY, July 31 (Reuters) - A large shareholder in Australian iron ore miner Fortescue Metals Group (FMG.AX: Quote, Profile, Research) sold A$240 million ($226 million) worth of his stake to local and overseas investors, a source familiar with the deal said on Thursday.

The sale, which represents about 1.1 percent of Fortescue's issued capital, was managed by Goldman Sachs JBWere and Southern Cross Equities, the source told Reuters. He declined to be identified because the deal had yet to be made public.

The shareholder sold 30 million shares at A$8.00 each, the source added, a 4.8 percent discount to Fortescue's closing price of A$8.40 on Wednesday.

"The demand was strong, the book was well covered and well covered pretty early," the source said. ($1=A$1.06) (Reporting by Denny Thomas, editing by Mark Bendeich)

 

[diliff]

Fortescue shareholder sells $226 mln stake -source

SYDNEY, July 31 (Reuters) - A large shareholder in Australian iron ore miner Fortescue Metals Group (FMG.AX: Quote, Profile, Research) sold A$240 million ($226 million) worth of his stake to local and overseas investors, a source familiar with the deal said on Thursday.

The shareholder sold 30 million shares at A$8.00 each, the source added, a 4.8 percent discount to Fortescue's closing price of A$8.40 on Wednesday.

Sucks to be him. He's down 20 million today alone... but hey, who knows what tomorrow may bring.. Is the recent rise looking strong, or is it just a blip?

 

[roland]

Sucks to be him. He's down 20 million today alone... but hey, who knows what tomorrow may bring.. Is the recent rise looking strong, or is it just a blip?

What a goose, may account for a few of the shares I got and sold off later at a profit. My remaining parcels are running a loss - I'm down around 11% but not at all worried.

Just love the up beat announcements FMG put out - great marketing!

 

[renim]

we look at the guy selling at $8 per share instead of $12, but the news site says he bought in at the equivalent of 1 to 3 cents per share, he was the example of an investor who made a billion on fmg
and he still drives his old honda.

 

[2020hindsight]

I assume people are aware that a fully laden FMG ore ship has run aground at Port Hedland
(the PH pilot was at the helm)
All shipping in and out blocked as I understand it - (and that would presumably go for BHP as well as FMG)
maybe it is cleared by now?
watch this space as they say

 

[white_goodman]

I assume people are aware that a fully laden FMG ore ship has run aground at Port Hedland
(the PH pilot was at the helm)
All shipping in and out blocked as I understand it - (and that would presumably go for BHP as well as FMG)
maybe it is cleared by now?
watch this space as they say

is there a linked article to back this up? how long would shipping presumably be blocked?......................................

 

[2020hindsight]

is there a linked article to back this up? how long would shipping presumably be blocked?......................................

This was put out by FMG at 10.55am :-
market has been heading south ever since

http://www.aspectfinancial.com.au/d...Jyb3JwYWdlcy9wZGZkZWxheWVkLmpzcA==&popup=true

how long blocked?
no idea m8
(sorry, I'm on a tight lunch break here)

They said high tide was at 10.48am - "hoped to be cleared then etc" - so maybe already cleared .

(now 12.48pm - no announcements since from FMG - so one explanation is that they failed to float it - don't you love being kept in the flamin dark)

 

[2020hindsight]

vessel refloated !!

.................
poi poiu poiu opiu poi uopiu opiu poiu opiu opiu poiu poiu opiu opiu iopu opiu

 

[2020hindsight]

ahh of course lol

High tide was at 12.48 Eastern time
And that's when she was refloated.

BHP acknowledging that the ship was blocking them as well :-
Just as well it wasn't serious.
Steering failure, ship swung etc ..

http://www.news.com.au/business/story/0,23636,24111660-14334,00.html

 

[agro]

twiggy and co are one of the smartest and intuitive companies i have ever followed.,

i think this move is to counteract the "sacred land problem" that was occuring but who knows,


http://skynews.com.au/business/article.aspx?id=255049

The federal government says it will throw its support behind a scheme to create 50,000 jobs for indigenous Australians.

Fortescue Metals boss Andrew Forrest has put forward a plan to create jobs for indigenous Australians by involving the corporate sector.

Under the plan, participating employers will agree to employ a certain number of indigenous people qualified to the training-ready level.

The federal government will help out by providing short, intensive, training courses to get participants in Mr Forrest's scheme ready for on-the-job training with a participating employer.

Prime Minister Kevin Rudd said Mr Forrest faced a tough task in reaching his goal, but that the government would support the scheme.

'We'll do so in a practical way by providing the necessary training places to support those Indigenous Australians to make them training ready to go into those companies which Andrew Forrest will help us bring about,' he told the Nine Network.

'It's a practical program, it's a big plan on his part, it's a big initiative on his part, very tough goals he's set for himself, but we're prepared to support his enterprise by assisting with these training places.'

Mr Rudd said the scheme was one of a number of measures aimed at helping indigenous Australians, adding that a welfare-only response would be the wrong way to go.

'It will be hard, it will tough. We know the degree of entrenched disadvantage which exists in so many of these communities.

'We've got to get housing right, we've got to get education right, we've got to get health right, but we've also got to get jobs right and that's where corporate Australia comes in.'

 

[CAB SAV]

Agro, When Rudd said he would be behind a scheme to " get housing righ, health right and education right I thought I was going back through his notes prior to the election for promises to All Australians. Twiggy /Ruddwon"t get 50,000 aboriginals into quick fix work schemes, been tried for 40 yrs, good ramp for twiggy though.

 

[Miner]

Good morning all

In case you have not, please have a look into AFR and see what they said at

Street Talk
Monday, 04 August 2008 | The Australian Financial Review | Jemima Whyte (jemima.whyte@afr.com.au)
Chinese wagons go wobbly on Fortescue

Can not reproduce more due to copyright issue and avoiding Moderator's salvo

 

[diliff]

Good morning all

In case you have not, please have a look into AFR and see what they said at

Street Talk
Monday, 04 August 2008 | The Australian Financial Review | Jemima Whyte (jemima.whyte@afr.com.au)
Chinese wagons go wobbly on Fortescue

Can not reproduce more due to copyright issue and avoiding Moderator's salvo

For those of us without a subscription, can you give us an idea of what it says? Not sure what chinese wagons going wobbly means exactly!

 

[gav]

An article on news.com.au about Fortescue being shorted

http://www.news.com.au/business/story/0,27753,24123962-14334,00.html

 

[agro]

An article on news.com.au about Fortescue being shorted

http://www.news.com.au/business/story/0,27753,24123962-14334,00.html

yeh i read that.. they will loose come earnings

Rio slams Pilbara rail access proposal


AAP
04/08/2008 3:52pm Email to a friend Print article
i

Rio Tinto Ltd says granting third party access to its Pilbara rail network in Western Australia will create inefficiencies similar to those seen on the east coast coal chain.

Australia's newest iron ore exporter Fortescue Metals Group Ltd is battling through the courts and with the National Competition Council for third party access to the extensive rail network owned by Rio Tinto and BHP Billiton Ltd.

The rulings have so far been in Fortescue's favour.

But Rio Tinto chief executive of iron ore Sam Walsh on Monday told delegates at the Diggers and Dealers conference in Kalgoorlie that other options were available to iron ore juniors seeking transport options to move product to port.

"The moment you move to multi-user infrastructure, you lose 10 per cent to 20 per cent of your efficiency ... and Australia faces an annual NPV (net present value) loss of $30 billion," Mr Walsh said.

In addition to Rio Tinto's plans to produce 320 million tonnes (Mt) of iron ore a year from its Pilbara operations by 2012, he said the mining giant had a "conceptual pathway to 420 Mt".

"It's an immense undertaking," he said.

"Rio Tino has made substantial commitments to expand its rail network based on efficient production processes.

"It's pretty hard to maintain and grow that market share without having to deal with possible regulations which will crimp our growth and lead to inefficiencies."

Mr Walsh also touched on "the elephant in the room" - BHP Billiton's takeover offer - reiterating that the bid "fails to recognise the value of Rio's assets and prospects".

He said Rio could maintain annual growth of 8.6 per cent through to 2022 in key areas of base metals, energy, iron ore and aluminium.

 

[prawn_86]

I agree Reece.

On a fundamental, on paper, basis anything over about $6.50 seems overpriced. Hence why is said a while back when it dropped, it may represent an opportunity.

Im not saying this wont go up on hype, greed, sentiment etc etc, but those buying NOW for fundamentals are pushing their luck imo

FMG is approaching my opinion of fair value. Another few days like this and it might be worth having a look at if you are bullish on the whole BRIC story.

However after the Olympics, personally, i would be wary as i think China may take some financial actions, which in turn could cause further sell offs.

 

[agro]

FMG is approaching my opinion of fair value. Another few days like this and it might be worth having a look at if you are bullish on the whole BRIC story.

However after the Olympics, personally, i would be wary as i think China may take some financial actions, which in turn could cause further sell offs.

oh defently prawn_86... i am going to have to sell all my holdings in FMG after reading a comment like that

on another note - check out the number of XTSOS at $8 on FMG

 

[diliff]

WTF caused that massive (70 cents!!!) drop in the space of 5 minutes? The only announcement I can see on the ASX website is that FMG is going to allow Atlas to share its railways... surely not a big deal??

I'm pissed.. I had set a stop loss at 8.15 but accidentally set the trigger at 8.15 too, so by the time the order was placed, the share price had dived straight past :-(, I was poised to jump back in at 7.50 but didn't have the funds to buy in without the previous sale..... oh well...