FMG.AX - Fortescue Metals Group Limited

ASX - ASX Delayed Price. Currency in AUD
10.94
-0.05 (-0.41%)
As of 11:05AM AEDT. Market open.
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Previous Close10.99
Open10.99
Bid10.94 x 0
Ask10.95 x 0
Day's Range10.93 - 11.03
52 Week Range5.94 - 12.87
Volume1,264,648
Avg. Volume11,233,939
Market Cap33.699B
Beta (5Y Monthly)1.17
PE Ratio (TTM)10.64
EPS (TTM)1.03
Earnings DateAug 26, 2019
Forward Dividend & Yield0.48 (4.37%)
Ex-Dividend DateSep 02, 2019
1y Target Est3.43
  • Reuters

    INSIGHT-Portuguese communities lock horns with lithium miners to save their land

    The lush, green hills where Paulo Pires has for years brought sheep to graze above his picturesque Portuguese village may soon be transformed by the race to power electric vehicles. Hundreds of drill holes across the countryside show where miners want to excavate the land for lithium, a vital ingredient for batteries used in electric cars, smartphones and energy storage. "If my livelihood is taken away from me, I won't have a future elsewhere," said 45-year-old Pires, whose village lies in the municipal district of Boticas.

  • PR Newswire

    Fortescue Announces Successful Consent Solicitation with Respect to its 4.750% Senior Notes due 2022, 5.125% Senior Notes due 2023, 5.125% Senior Notes due 2024 and 4.500% Senior Notes due 2027

    Fortescue Metals Group Limited (ACN 002 594 872) ("Fortescue") (ASX: FMG) today announced the expiration and results of the previously announced consent solicitation (the "Consent Solicitation") by its wholly-owned subsidiary, FMG Resources (August 2006) Pty Ltd (ACN 118 887 835) (the "Issuer") and receipt of the consents necessary to effect amendments to the indenture, dated as of May 12, 2017 (as supplemented to the date hereof, the "Indenture"), governing the series of notes described in this release (the "Notes").

  • Virus Fears Prompt Scrutiny of Vessels Shipping From China
    Bloomberg

    Virus Fears Prompt Scrutiny of Vessels Shipping From China

    (Bloomberg) -- Vessels and trains coming from China are in focus as nations take steps to halt the spread of a deadly coronavirus that originated in the world’s second-biggest economy. Here’s a roundup of some of the latest efforts by authorities globally, including quarantines and checks.Bloomberg is tracking the outbreak on the terminal and online.ArgentinaAuthorities are requiring advance copy of medical reports for all vessels arriving directly from China or any vessels that called in the Asian nation, according to NABSA shipping agency. The reports must include data on body temperature of each crew member.AustraliaEnhanced screening measures will apply to vessels that left China from Feb. 1, with the first ship to meet that criteria expected as soon as Feb. 10. The government is continuing to consult with port authorities and industry groups on the development and implementation of those measures. Foreign nationals who were in mainland China on or after Feb. 1 won’t be allowed to enter Australia until 14 days after they left or transited China, although limited exemptions exist for maritime crew, according to Australian Border Force.The restrictions mean that the 14-day period starts when the ship departs China and will be restarted for a further 14 days if any illness is reported, private shipping and logistics agency Gulf Agency Co. said Wednesday.Queensland state’s maritime safety body has already intensified checks on incoming foreign vessels, which are required to report if any crew member or passenger has visited mainland China since Feb. 1 or Hubei province in the past 14 days. They must also disclose if anyone shows coronavirus symptoms.Miner Fortescue Metals Group said vessels loading at its facilities in Port Hedland are scheduled to berth at least 14 days after departing mainland China, adding that iron ore is being delivered as planned.BrazilMaritime agents must notify port authorities in Paranagua and Antonina, of ships arriving from regions dealing with epidemics, which are not allowed to arrive less than 21 days since leaving the previous port, according to a statement from the ports.IndiaAt least 12 major ports are screening ships and crew members arriving from China, Hong Kong and Singapore. At least 31 vessels and 1,045 crew have been examined since Jan. 27.IndonesiaVessels that have visited China during their last 10 port stops will be thoroughly inspected by the Port Health Authority, according to Indonesia’s Directorate General of Sea Transportation. Anyone suspected of being infected with the virus must be treated by authorities. Animal inspections will also be carried out.While Indonesia scrapped a plan to ban Chinese food imports to prevent the spread of the coronavirus after Beijing warned of the “negative impact” of such measures on investment and the economy, it will no longer accept live animals from the Asian county.JapanAny non-Japanese crew who visited China’s Hubei province within the last two weeks, or people with passports issued from the Chinese province, aren’t allowed to enter Japan.PhilippinesThe Philippine Ports Authority said workers in ships coming from China are prohibited from disembarking to prevent the spread of the virus.SingaporeVessels that have traveled to China in the past 14 days must submit a health declaration form and other documents 24 hours before berthing, according to a Feb. 1 notice from the Maritime and Port Authority.South KoreaAny vessel that visited China within the last 14 days will be inspected by officials from the Korea Centers for Disease Control and Prevention agency before they enter ports to check the crew, according to an official at the Ministry of Oceans and Fisheries. The vessels can only enter South Korean ports if the inspectors find no sign of infection and give them the all-clear.ThailandThailand has set up a checkpoint in the Samut Prakan province where 20 to 30 officials from the Port Authority of Thailand and the Disease Control Department will screen all crews on vessels coming from China before they can moor at the Bangkok port. If any ship is found to have sick crew, it will be quarantined. The measures are also being applied for the country’s northern ports.(Updates with Australia precautions.)\--With assistance from Thomas Kutty Abraham, Aya Takada, Kyunghee Park, James Thornhill, Dan Murtaugh, Harry Suhartono, Suttinee Yuvejwattana, Nguyen Dieu Tu Uyen, Rajesh Kumar Singh, Krystal Chia and Isis Almeida.To contact the reporter on this story: Aaron Clark in Tokyo at aclark27@bloomberg.netTo contact the editors responsible for this story: Ramsey Al-Rikabi at ralrikabi@bloomberg.net, Jasmine Ng, Rob VerdonckFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Miners Ditching Diesel Seek to Cut Costs as Well as Emissions
    Bloomberg

    Miners Ditching Diesel Seek to Cut Costs as Well as Emissions

    (Bloomberg) -- Mining companies under investor pressure to curb carbon emissions are weaning themselves off the most polluting power sources, and see lower costs in using alternatives.Fortescue Metals Group Ltd. joined rivals including BHP Group and Anglo American Plc in flagging potential savings from new investments to switch mines to renewable energy as it expands a $700 million program to add transmission lines, solar arrays and battery storage in Australia’s Pilbara region. With energy accounting for as much as a fifth of a mine’s costs, less polluting options can often be cheaper than shipping diesel to remote locations.“We are very keen to utilize more renewables,” Chief Executive Officer Elizabeth Gaines said in an interview. “We know it’s the right thing to do. We want to reduce our emissions, and we want to stay low cost.”The Perth-based iron ore producer will install a hybrid solar and gas supply to serve its Iron Bridge project rather than using diesel, adding to a deal signed last year to switch its Chichester Hub to renewable sources.BHP, the world’s top miner, estimates deals announced last year to switch two giant copper mines in Chile to solar, wind and hydro sources in place of existing coal and gas power will lower energy costs by about 20%. Anglo, which has installed a bank of solar panels floating on a copper mine’s waste pond, said in September renewable energy will help deliver cheaper mining operations.A Mini-Solar Farm Is Floating in a Dam of Liquid Copper WasteMiners can save as much as 25% of total electricity costs, and cut their electricity-related emissions in half by using solar, wind or batteries to power their sites, BloombergNEF analyst Sharon Mustri wrote in a December report.Fortescue’s Chichester program will reduce diesel consumption by 100 million liters, about 20% of the company’s current total, and when completed, the new energy investments will see solar account for as much as 30% of the supplier’s power consumption at mines and plants.Australia’s diesel imports have declined, falling about 16% in December compared with the same month a year earlier amid reduced demand, including from miners, according to data from Vortexa. About 7% less fuel was shipped to the country in 2019 compared with 2018.“There is a significant movement underway at remote mining operations to use more solar power and renewables,” said Gavin Wendt, senior resource analyst at Mine Life Pty in Sydney. “A lot of remote mine sites have used diesel and that’s become increasingly expensive.”Along with cutting use of diesel at processing plants or pits, miners and their equipment suppliers are examining opportunities to lower or eliminate consumption of the fuel in haul trucks and trains, Fortescue’s Gaines said in the Thursday interview.Suppliers are introducing battery or gas-power alternatives, while Fortescue is studying the potential to use hydrogen as a replacement fuel.“We’re kind of impatient to get to the position where we can further reduce our reliance on diesel throughout our entire fleet, but the technology is still evolving,” Gaines said. “I don’t think we’re alone in wanting to see that reliance on diesel reduce significantly.”To contact the reporters on this story: David Stringer in Melbourne at dstringer3@bloomberg.net;Ann Koh in Singapore at akoh15@bloomberg.netTo contact the editors responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net, Rob Verdonck, Aaron ClarkFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • The Coronavirus Won’t Wreck the Commodities Market
    Bloomberg

    The Coronavirus Won’t Wreck the Commodities Market

    (Bloomberg Opinion) -- A rampaging epidemic in the country that consumes about half of the world’s metals has to be bad news for mining stocks, right?Investors are certainly making that bet. The week started with the Bloomberg World Mining Index falling the most in nearly six months, and a six-day losing streak continued Tuesday on expectations that a slowdown in economic activity will cut China’s voracious appetite for commodities.Australian shares of Rio Tinto Group fell as much as 5.9% when trading resumed after a public holiday Monday, on track for their biggest slide in three-and-a-half years. Those of iron-ore producer Fortescue Metals Group Ltd. slumped as much as 8.7% in early trading.That looks overdone. In the grip of an epidemic, it can feel like the sky is falling — but most such viruses die down in a matter of months, and people shouldn’t underestimate how much industrial stimulus Beijing will inject in the economy to keep growth on-target in the aftermath.Consider Severe Acute Respiratory Syndrome, which swept through southern China and east Asia in the early months of 2003. Like most coronaviruses — and indeed, most infections of the nose and throat, such as influenza — it exhibited a pronounced winter seasonality, with infections beginning in November and dropping rapidly through April, before approaching zero in June.Even Middle East Respiratory Syndrome, a coronavirus associated with parts of the world where winter weather is less extreme, showed a relatively similar pattern, with a peak in the early months of the year.Combined with this natural decline is the fact that, despite early surveillance and response lapses, China and other countries are already employing extreme measures to halt the spread. While quarantining of the entire city of Wuhan may not be sufficient — given the disease appears to have spread unchecked until it was too late — that probably won't be the last attempt to isolate the virus. China’s government, property developers and businesses are likely to implement further measures such as canceling public events and closing commercial and retail spaces.If things play out this way, it’s not impossible that the epidemic could start to subside in April, just as China’s industrial machine is revving up from its normal winter slumber. Cold weather and the long shadow of the Lunar New Year holiday typically lead to very low levels of industrial activity in January and February, before picking up to full speed between March and June.In the five years through 2018, for instance, daily pig iron production in March was about 7.4% higher on average than it was in January. Cement output ramps up even more rapidly, as warming weather makes it possible to mix concrete on building sites again: While January and February figures are often too weak to be reported by China’s statistical agency, May output over the same period averaged about 23% above the levels just two months earlier. That cycle could be particularly pronounced this year. China’s consumers are staying home during what’s traditionally been high season for shopping, dining, seeing films or traveling. A 10% fall in services consumption could cut gross domestic product growth by about 1.2 percentage points, according to S&P Global Ratings.That could, in theory, put a serious dent in output over the full year, which economists already expect to fall below the government’s target of “about 6%.” It might also violate a long-term pledge to double the country’s GDP by 2020, delivered on the eve of Xi Jinping’s accession to the Communist Party's highest leadership in 2012.Beijing is unlikely to take that sort of blow lying down. Just recall the responses to the 2003 SARS outbreak, the 2008 financial crisis, and the overzealous economic rebalancing toward consumption in 2015. As on those occasions, fixed-asset investment (particularly by state-owned companies) is likely to surge to fuel fresh industrial activity. China’s yearlong credit diet — no less serious, in its way, than the one that preceded the 2016 boom — will be loosened to inject some fresh life into a virus-hit economy.That’s likely to further defer China’s shift to an economy more dependent on consumption and less on mounting debt and carbon emissions — but it will also be bullish, not bearish, for commodities. China’s coal imports in the 12 months through June 2017 were nearly a third higher than in the preceding year; copper rose 12%, oil by 13% and iron ore by 7.7%.As the virus dies down, don’t be surprised to see that pattern play out one more time. What exactly is it about a country vowing to build two hospitals in a fortnight that makes investors think industrial commodities are heading for the sick bay?To contact the author of this story: David Fickling at dfickling@bloomberg.netTo contact the editor responsible for this story: Rachel Rosenthal at rrosenthal21@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Is Fortescue Metals Group Limited (ASX:FMG) A Smart Pick For Income Investors?
    Simply Wall St.

    Is Fortescue Metals Group Limited (ASX:FMG) A Smart Pick For Income Investors?

    Could Fortescue Metals Group Limited (ASX:FMG) be an attractive dividend share to own for the long haul? Investors are...

  • Bloomberg

    Australian Fires Spur Mining Magnate to Raise Funds to Combat Disaster

    (Bloomberg) -- Andrew Forrest made his money shipping huge amounts of Australian iron ore across the globe. Now he’s looking to bring some relief to his native country.The founder of Fortescue Metals Group Ltd. was in New York recently to raise money in response to Australian bush fires that have killed at least 28 people, destroyed more than 2,600 homes and burned more than 12 million hectares (30 million acres), an area about the size of Pennsylvania.His foundation contributed about $34 million to help convene a group of experts to develop a “national blueprint” for disaster resilience that can also be used in other fire-affected parts of the world. It’s seeking an additional $311 million or more from other donors.The foundation also donated $14 million to help those affected by the fires and support volunteer recruitment efforts.Forrest, 58, amassed a $9.3 billion fortune through mining and other investments, making him the third-richest Australian, according to the Bloomberg Billionaires Index. In recent years, he focused on philanthropy, with initiatives in areas as diverse as modern slavery, plastic pollution and helping indigenous communities.Bloomberg spoke with Forrest about his fundraising efforts. His comments have been edited and condensed.You were in some affected communities. What was that like?The flame walls when they appear are terrifying. They’re like red plasma. The fires are so hot, they denude all life from the topsoil. The fire didn’t just incinerate the trees, it incinerated the tree roots. The topsoil is now sand. And that has a very long-term environmental impact, for big things like the ecology of the forest, down to the small things like rare, endemic platypus populations.You’re looking at long-term wildlife impacts which will take decades to recover, if ever. That’s one of the great tragedies.What are your hopes for the resiliency plan?Australia is part of a slowly but surely warming planet, and that is changing the ecology markedly. We want to create a blueprint for Australia to proof itself from devastating bush fires. And that plan will be applicable to California, Arizona, Colarado, where you’ve had some really savage fires, and also for Brazil. Every massive fire sucks life out of the planet and pumps carbon into it.Is it fair to criticize Australians’ response compared with that of the French to Notre Dame?That’s a hard and very personal call. There was a huge amount of emotion around Notre Dame, there was something you could see that you could rebuild. We don’t have that with the Australian fires. It’s an indefinable disaster at this point, and it’s still unfolding.We took a very long time to think through what our response would be and we limited it to $48 million because we really want the community to come with us. And we’ve had Americans and Canadians and Australians contributing to the fire fund since we started it.Do Australia’s firefighting services need to be professionalized?We do have professional firefighters, but I think we probably rely a little heavily on volunteers. I’m not going to criticize my own country, but we could definitely do with more investment in that sector.How is Fortescue reducing emissions?We’ve taken a big step by not investing in coal. We could have had a much larger Fortescue Metals Group if we did that. We have refused to take those opportunities.We’ve been converting all our power stations from diesel to solar and gas, removing half-a-billion liters of diesel use annually. And we are working furiously on developing hydrogen as a source of power.What are you doing with hydrogen?We are testing hydrogen across a number of our sites. We have the technology to transform hydrogen into ammonia and back again, which means that you can transport it anywhere. And we’re searching for novel ways to produce green hydrogen. It’s uneconomic currently, but so was Fortescue when I started it. And we worked out how to make it economic and created a large company. I’m looking at hydrogen thinking the same thing.\--With assistance from Joe Deaux.To contact the reporter on this story: Tom Maloney in New York at tmaloney38@bloomberg.netTo contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, Steven Crabill, Peter EichenbaumFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Estimating The Fair Value Of Fortescue Metals Group Limited (ASX:FMG)
    Simply Wall St.

    Estimating The Fair Value Of Fortescue Metals Group Limited (ASX:FMG)

    How far off is Fortescue Metals Group Limited (ASX:FMG) from its intrinsic value? Using the most recent financial...

  • Do You Know What Fortescue Metals Group Limited's (ASX:FMG) P/E Ratio Means?
    Simply Wall St.

    Do You Know What Fortescue Metals Group Limited's (ASX:FMG) P/E Ratio Means?

    This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios...

  • Reuters

    UPDATE 1-Australia's Fortescue loses bid to develop Guinea iron ore blocks

    Fortescue Metals Group lost out in its bid to develop two blocks at the Simandou iron ore deposit in Guinea, the Australian miner said on Thursday. A China-backed consortium of French, Singaporean and Guinean interests won the tender through its $14 billion bid, sources told Reuters on Wednesday. Fortescue said the Guinean government told them it would go ahead with "detailed negotiations" with the preferred bidder in the coming months.

  • Investing.com

    Asian Stocks Rise on Sino-U.S. Trade Hopes

    Investing.com - Asian stocks rose in morning trade on Monday as China and the U.S. appeared close to agreeing on a “phase one” trade deal.

  • How Many Fortescue Metals Group Limited (ASX:FMG) Shares Did Insiders Buy, In The Last Year?
    Simply Wall St.

    How Many Fortescue Metals Group Limited (ASX:FMG) Shares Did Insiders Buy, In The Last Year?

    It is not uncommon to see companies perform well in the years after insiders buy shares. On the other hand, we'd be...

  • Fortescue Metals Group (ASX:FMG) Has A Rock Solid Balance Sheet
    Simply Wall St.

    Fortescue Metals Group (ASX:FMG) Has A Rock Solid Balance Sheet

    The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...

  • Is Now The Time To Put Fortescue Metals Group (ASX:FMG) On Your Watchlist?
    Simply Wall St.

    Is Now The Time To Put Fortescue Metals Group (ASX:FMG) On Your Watchlist?

    It's only natural that many investors, especially those who are new to the game, prefer to buy shares in 'sexy' stocks...

  • Reuters

    Talks on Guinea's iron ore advance, BHP nears deal on Nimba-sources

    CONAKRY/LONDON, Aug 29 (Reuters) - Leading miner BHP is near a deal to divest its stake in Guinea's Nimba iron ore deposit, while three big miners are vying to develop half of the country's Simandou, the largest known untapped iron ore reserve, sources close to the talks said. Guinea has struggled for decades to extract money from its iron ore, which has been left undeveloped because of protracted legal disputes and the cost of infrastructure.

  • Should Income Investors Look At Fortescue Metals Group Limited (ASX:FMG) Before Its Ex-Dividend?
    Simply Wall St.

    Should Income Investors Look At Fortescue Metals Group Limited (ASX:FMG) Before Its Ex-Dividend?

    Regular readers will know that we love our dividends at Simply Wall St, which is why it's exciting to see Fortescue...

  • If You Had Bought Fortescue Metals Group (ASX:FMG) Stock A Year Ago, You Could Pocket A 90% Gain Today
    Simply Wall St.

    If You Had Bought Fortescue Metals Group (ASX:FMG) Stock A Year Ago, You Could Pocket A 90% Gain Today

    While Fortescue Metals Group Limited (ASX:FMG) shareholders are probably generally happy, the stock hasn't had...