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Fortescue capitalises on iron ore surge

ASX-listed Fortescue Metals Group has decided to use the iron ore price rally to pay down another US$577 million of debt and bring down its cost base further.

Mining Journal
FMG’s CEO Nev Power has helped cut costs and deleverage the business over the past two-and-a-half years

FMG’s CEO Nev Power has helped cut costs and deleverage the business over the past two-and-a-half years

The Perth-based miner, which has seen the price of 62% Fe iron ore rise 73% since the $37 per tonne low in December, has initiated a $577 million repayment of debt through a voluntary redemption notice...

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