Business Services Industry
Exchange pressures Forrest on costs, ore.(Australian Stock Exchange investigation on Fortescue Metals prices)(Brief Article)
Australasian Business Intelligence, May, 2005 by Prior, Neale
May 08, 2005 (The West Australian - ABIX via COMTEX)
The Australian Stock Exchange (ASX) has issued more queries regarding Fortescue Metals' iron ore project in Western Australia. In May 2005, the ASX has questioned how Fortescue will be able to sell its iron ore for 95 per cent of the price Rio Tinto and BHP Billiton will charge for their product. Fortescue has also been asked to give further details of a cost blow-out at its Pilbara operation. The capital cost of the project had originally been estimated at $A1.85 billion. However, it is now thought the project will exceed $A2 billion. Fortescue is expected to respond to the ASX's latest queries early on 9 May.
Publication Date: 9 May 2005
FORTESCUE METALS GROUP LIMITED - ASX
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