Fortescue Metal Group Limited engages in the exploration and development of the mining and infrastructure project. The company’s primarily focuses on the Pilbara Iron Ore and Infrastructure Project. The company also engages in the marketing and distribution of medical products through wholly owned subsidiary Allied Medical Limited. The company engages in the exploration and evaluation of mineral resources over various tenement areas within the Pilbara Region and in the ongoing development of an iron ore marketing program targeting the key Asian markets of China, Japan, Korea, and India. Pilbara Iron Ore and Infrastructure Project The company engages in the mining, processing, and marketing of iron ore at Pilbara Iron Ore and Infrastructure Project. The company also holds 50% of the issued capital of Pilbara Iron Ore Pty Ltd a joint venture company that holds the Mindy Mindy tenements. The Project incorporates significant iron ore mineralization across approximately 200 kilometers of the Chichester Range. Its major deposit is identified at Mt Nicholas, Mt Lewin, The Hammer, Christmas Creek, Cloud Break, and White Knight. FMG has entered into a contract with China Metallurgical Construction (Group) Corporation (MCC) a Chinese government owned entity, for the design construction and financing of the beneficiation plant. The company has initial planned a production of 45 million tonnes per annum in the pilbara iron ore and infrastructure project. The company has signed long term contracts for eight million tonnes per annum with three Chinese customers; Hebei Wenfeng, Fengli, and Pingsteel. Allied Medical Limited The company through its subsidiary engages in the marketing and distribution of medical products. The company offers patient controlled analgesia, flow control tubing, v-set, catheter, and TPN product groups. Significant Events The company has entered into an agreement with Baosteel Trading Co., Ltd. to jointly explore a mine in Western Australia that would hold magnetite deposits. Fortescue Metals Group, Ltd. has formed a joint venture with a junior company to explore for iron ore in the Pilbara. Fortescue has signed a memorandum of understanding with Cullen Resources. Under the agreement, Fortescue could earn approximately 51% interest in the iron ore rights on a group of Cullen's tenements. The company and Baosteel have signed a memorandum of understanding to form a joint venture to explore and develop a low-grade magnetite deposit near the company's Cloud Break mine. Cazaly Resources, Ltd. had teamed with Fortescue Metals Group Ltd. to explore development of the Rhodes Ridge project, provided it was successful in undermining Rio Tinto's existing leases. The project is estimated to contain approximately two billion tonnes of high-grade hematite and is recognised as undeveloped iron ore resources in WA. Atlas Iron Limited has entered into a joint-venture agreement with Fortescue Metals Group Ltd. for Atlas's Abydos project in Western Australia's Pilbara region. The joint venture covers a tenement over which Atlas owns the iron ore rights. Atlas also said that it was the first company to seal a port access deal with Fortescue for its Port Hedland iron ore export terminal. The primary focus of the joint venture is to define and develop extensions to the FMG Glacial Valley magnetite deposit. Fortescue Metals Group Ltd., in February 2009, has signed a co-operation agreement with Hunan Valin Iron & Steel Group Co. Ltd. to increase iron ore sales to Valin and to research new technologies to process lower grade iron ores. In August 2009, BC Iron Limited has formally entered into the Nullagine Joint Venture (NJV) with its 50:50 infrastructure joint venture partner, Fortescue Metals Group Ltd. for development of the Nullagine iron ore project, located in Western Australia's Pilbara region. History Fortescue Metal Group Limited was formerly known as Allied Mining and Processing Limited changed its name to Fortescue Metals Group Limited in 2003.
fortescue metals-spon adr
87 Adelaide Terrace
East Perth, WA 6004
Phone: 61 8 6218 8888
Fax: 61 8 6218 8880www.fmgl.com.au
|Boliden AB||kr119.40 SEK||-4.10|
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To contact FORTESCUE METALS-SPON ADR, please visit www.fmgl.com.au. Company data is provided by Capital IQ. Please use this form to report any data issues.