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FMG Produces 172 Mil Tons at Annualized Rate in Oct
Fortescue Metals Group (FMG) revealed recently that its production of iron ore in October hit a record high of 14,400 thousand tons as the monthly production quantity. It becomes 172 million tons at an annualized rate, and its C1 costs being the direct costs substantially improved to $29 per wet metric ton. According to the company, it comes from strong demand for its ores reflecting the value of its high quality, low impurity products. Its proceeds are expected to be received on or around November 7, 2014 and will increase its current cash on hand to over US$2 billion. The company is proceeding with debt reduction towards its targeted gearing level of 40%, and once this is achieved, the company will attain a dividend pay-out ratio of 30-40%.
last modified : Fri 14 Nov, 2014 [10:03]
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