Fortescue Seeking to Cut Debt Amid Commodity Market Turmoil
- Fourth-biggest iron ore supplier can withstand rout: CEO
- Fortescue says can attract new investment if it's needed
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Fortescue Metals Group Ltd., the iron ore miner that’s seeking to cut its debt, is confident it can ride out turmoil in commodity markets even as larger competitors like Glencore Plc battle to withstand the rout.
“Over the last 12 months we generated over $2 billion of cash from operations and we have around $2.4 billion in the bank, so we are in a very different situation to them,” Chief Executive Officer Nev Power said in an interview. “We have finished our capital expenditure and we are in a fantastic position to be able to weather out any volatility.”