Followers | 2 |
Posts | 455 |
Boards Moderated | 0 |
Alias Born | 03/10/2012 |
Monday, March 26, 2012 10:40:32 AM
UPDATE: Fortescue Expects $3.6 Billion Solomon Contract Decision Soon
Fortescue Metals (ASX:FMG)
Historical Stock Chart
1 Month : February 2012 to March 2012
Australian iron ore producer Fortescue Metals Group Ltd. (FMG.AU) said Friday it expects to make a decision on a $3.6 billion mining contract for its Solomon project in the coming weeks, although it may instead opt to operate the planned mine itself.
The Perth-based company said it is in discussions with shortlisted contractors over a possible five-year contract to provide mining services at Solomon, but it is also looking at an owner-operator alternative should it be unable to negotiate a satisfactory agreement.
Separately, Leighton Holdings Ltd. (LEI.AU) said it was negotiating with Fortescue for mining work. Both companies said they would provide further details when a decision has been made.
Fortescue, Australia's third-largest producer of iron ore after Rio Tinto PLC (RIO) and BHP Billiton Ltd. (BHP) by volume, is investing an estimated US$8.4 billion to roughly triple production to 155 million metric tons a year by mid-2013.
It began construction on the first phase of its 60 million ton a year Solomon mining operation last year.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; robb.stewart@dowjones.com
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM