FMG reports shipping $310m worth of ore

July 30, 2008

July 30th (The West Australian) – Fortescue Metals Group has shipped $310 million worth of iron ore to China in the past 11 weeks, after making the move from iron ore aspirant to producer, the company has announced.

The start of production had helped bring FMG’s cash on hand to $192.2 million by the end of the June quarter, the firm said in its quarterly announcement.

The company had loaded 4 million tonnes of ore from its mine in WA’s Pilbara region from the start of production to July 29.

FMG had set its benchmark price at $US2.0169 per iron unit of lump and $US1.4466 per iron unit of fine ore – a respective increase of 95 per cent and 78 per cent over the previous year.

The firm had increased its tenement area by over 17,000sqkm during the quarter, taking its total area to about 57,400sqkm – of which 44,400sqkm is in WA.

At 10.30am, FMG shares were trading at $8.24, up 29¢ or 3.6 per cent.

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