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Fortescue Metals to reduce gearing, boost dividends, says Nev Power
By The Australian · May 31, 2012 · 12:46 am · Leave a Comment
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FORTESCUE Metals Group plans to reassess its expansion strategy for Western Australian iron ore at the end of the next financial year because of a softening market, and a growing focus on reducing gearing as well as boosting dividends.
The Andrew Forrest-chaired iron ore miner is targeting production at a rate of 155 million tonnes a year by the middle of 2013, from 55mt now, after which it will reassess its plans to add another 100mt by the middle of 2015.
