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FMG, FORTESCUE METALS GROUP LTD
blacksheep
post Posted: Nov 6 2019, 01:59 PM
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Notable short alert yesterday. Total short positions as at 31/10/19 = 5.11%.

QUOTE
Tue 5th Nov, 2019 24,461,856 3,078,964,918 0.79% 77.02%

https://www.shortman.com.au/stock?q=fmg

UBS bearish on Fortescue - Perhaps UBS have borrowed that 24 m?

QUOTE
UBS analysts are clearly not among the vast array of optimists. They retain a sell rating on the stock with a 12-month price target of $7.50, representing a 20 per cent discount to its current trading level.

“FMG's share price remains around 12-month highs despite a 33 per cent decline in the [benchmark spot] iron ore price from $US126 per tonne in early July to $US85 per tonne today. “This compares to BHP and RIO share prices which are down 12 per cent and 11 per cent respectively [over the same period].

While UBS can see why Fortescue shares have outperformed the larger diversified miners recently, it expects iron ore prices will fall further in the period ahead, leaving Fortescue’s earnings multiples and free cash flow (FCF) yield stretched compared to its rivals.


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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 19 2019, 11:28 AM
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Andrew Forrest's Fortescue Metals Group loses appeal against Pilbara native title claim
By Andrea Mayes and Rebecca Parish
Updated about 11 hours ago
QUOTE
Mining magnate Andrew Forrest faces a compensation fight after losing an appeal against a WA native title ruling over a huge tract of ore-rich Pilbara land.

Key points:
The Yinjibarndi people were granted native title to 2,700 square kilometres of Pilbara land
FMG says it may appeal to the High Court after its failed Federal Court challenge
But the Yindjibarndi Aboriginal Corporation has labelled the ruling a "fantastic result"

The land in question includes the multi-billion dollar Solomon Hub iron ore mine belonging to Mr Forrest's Fortescue Metals Group (FMG).

Two years ago the Federal Court granted native title to 2,700 square kilometres of land north of Karijini National Park to the Yinjibarndi people.

FMG appealed the decision to grant exclusive native title to the group, citing concern about the higher standard of engagement with traditional owner groups required.

But the Federal Court rejected the appeal on all grounds — prompting FMG to flag a possible appeal to the High Court.

"We are considering our next steps which may include an appeal to the High Court," FMG chief executive Elizabeth Gaines said in a statement.

FMG 'misunderstood' native title rights
FMG's mines sit on Yindjibarndi land, officially represented by the Yindjibarndi Aboriginal Corporation (YAC).

But an ongoing dispute over compensation has led to a bitter falling out between the mining company and leaders of the group.

Part of FMG's appeal centred on disputing the court's native title determination "concerning the meaning and significance of the Yindjibarndi's activities on country," according to the appeal judgement.

"Implicit in these comments is the notion that the exercise of traditional rights over country is in some way a less legitimate form of occupancy than that seen in the context of Anglo-Australian relationships to real property," Justices Robertson and Griffiths wrote in their rejection of the appeal.

The judges found that such a position "is to misunderstand the concept of native title rights and interests to require them to fit into non-Aboriginal concepts of property, the exercise of proprietary rights and the enforcement of property rights".

"That is why what occurs is recognition of native title; not conferral, and not transformation into non-Aboriginal property rights," they wrote.

The compensation fight begins
YAC chief executive Michael Woodley described the decision as a "fantastic result" but said the group would still have to fight for compensation from FMG.

"Everyone had mixed emotions, mainly having tears in their eyes," he told the ABC after receiving the news.

"[But] we are continuing to have to fight for our rights.

Mr Woodley said he did not know how much compensation the group would be seeking.

"That's not the reason we do this obviously, it's more protecting our rights," he said.

But FMG downplayed the possibility of a substantial compensation payout.

"The matter of compensation is an entirely separate matter and our legal advice is consistent with our previous view that there is no material financial impact to Fortescue following today's decision," Ms Gaines said.

"Our mining tenure rights and current operations are also unaffected."

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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 8 2019, 09:38 AM
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Fortescue confirms bid for vast Simandou iron ore deposit
QUOTE
]Australia’s Fortescue Metals Group (ASX:FMG) has confirmed its interest in a slice of the giant Simandou iron ore deposit, handed back this year to the Guinean government by billionaire Beny Steinmetz’s BSG Resources.[/b]

The committee in charge of an international tender for the project’s blocks 1 and 2, launched in mid-July, should come to a final decision in November, sources close to the matter told Reuters.

Both the consortium of Société Miniere de Boke (SMB) and Singapore’s Winning, which is Guinea’s biggest bauxite exporter, have already acknowledged they submitted an offer.

Brazil’s Vale (NYSE: VALE), the world’s largest producer of iron ore, is also said to have paid for documents needed to submit an offer, but decided not to do so.


QUOTE
Tender transparency questioned
Strong iron ore prices and the resolution of Steinmetz-related issues increased Guinea’s chances of finding companies interested in acquiring the rights for the vacant blocks, pushing it to launch a tender.

But analysts, including Eric Humphery-Smith from Verisk Maplecroft, have called the transparency of the process into question.

One of the main reasons, argues Eric Humphery-Smith, an analyst at Verisk Maplecroft in London, is that prospective developers had topay $300,000 to access tender specification documents.

“Such pay-to-play terms undermine the Minister’s claims of transparency,” Humphery-Smith says


QUOTE
Rio Tinto holds a 45% stake in blocks three and four of Simandou, which it is actively planning to develop. State-controlled Chinalco owns 40% and the Guinea government 15%.

read more - https://www.mining.com/fortescue-confirms-b...on-ore-deposit/
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Aug 27 2019, 01:19 PM
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QUOTE
The long-expected flow of riches from Fortescue Metals Group arrived in the 2018-19 financial year thanks to that surge in iron ore prices which have already produced record dividends for shareholders in BHP and Rio Tinto.

Fortescue on Monday announced a fully franked 24 cents a share final dividend, which followed a 90 cent a share dividend already paid to investors in the first 11 months of the 2019 financial year. That’s a total payout for the year to June of $1.14 a share
https://www.sharecafe.com.au/2019/08/27/for...-record-result/

QUOTE
....given the slump in iron ore prices since their six-year highs around $US125 a tonne in early July to around $US89 a tonne last week, Fortescue shareholders will not get such a cornucopia of cash for some time to come.

The impact of the Trump trade war, falling Chinese steel output and demand and rising output from Brazil in the wake of the January 25 mine wall disaster (which triggered a surge in iron ore prices from around $US72 a tonne to over $US125 a tonne) will not be repeated this financial year.

Even if the Chinese government boosts its stimulus spending it is hard to see a surge in prices (even with BHP and Rio Tinto having quality and volume problems with their mines in the Pilbara).....




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Jul 19 2019, 11:51 AM
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QUOTE
Fortescue eyes Liberia opportunities but says no deals signed

Bloomberg News | July 18, 2019
extract
QUOTE
Liberia said Monday it had signed a memorandum of understanding with an entity representing Fortescue and Sheikh Ahmed Dalmook Juma Al Maktoum of the United Arab Emirates aimed at upgrading existing railways and building new lines from the Guinean border to an existing port on the coast, according to a government statement.

Guinea has some of the world’s richest iron ore deposits, including the fabled Simandou mine that Rio Tinto Group, Vale SA and billionaire Beny Steinmetz have fought over for years, yet the nation has never exported a ton of the steelmaking material. One of the major obstacles has been the cost of building a railway to export out of Guinea, rather than using a much shorter route through Liberia.


QUOTE
Fortescue is seeking to apply its expertise in infrastructure and exploration to add growth in new markets, though is currently focused on work in Ecuador and Argentina, Gaines said. The producer has also committed to about A$5.5 billion ($3.9 billion) of project spending on new iron ore mines in Australia in the past 18 months.


read more - https://www.mining.com/web/fortescue-eyes-l...o-deals-signed/



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
frodo
post Posted: Jun 26 2019, 10:48 PM
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In Reply To: blacksheep's post @ Jun 26 2019, 10:34 PM

Interesting article thanks bs

 

sentifi.com

Share Cafe Sentifi Top themes and market attention on:


blacksheep
post Posted: Jun 26 2019, 10:34 PM
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Australias hydrogen economy – hype or hope?
Last Updated: 25 June 2019
Article by Louise Horrocks, Andrew Bukowski and Michael Roche
QUOTE
Also very active in the hydrogen space is Western Australia iron ore major, Fortescue Metals Group (FMG). In November 2018 FMG and CSIRO entered into a five year agreement whereby FMG will fund and support select CSIRO technologies in the hydrogen space. The first of the agreements will focus on CSIRO's metal membrane technology, which will make the transportation of hydrogen economically viable. FMG has made it clear that they want to be involved in the large scale production and export of hydrogen. FMG has recruited a CSIRO expert, Michael Dolan, as their first Hydrogen Innovation and Development Lead.

http://www.mondaq.com/australia/x/818660/A...my+Hype+or+Hope
The Future of Hydrogen
https://webstore.iea.org/download/summary/2...Hydrogen-ES.pdf



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Apr 9 2019, 11:37 AM
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Posts: 6,564
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Updated chart - 20 year. SP broke through the $8.00 mark yesterday - currently $8.18. All time high was $13.15 in 2008 - just before the GFC
https://www.shortman.com.au/stock?q=fmg
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Mar 24 2019, 11:12 AM
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Here we go again...issues affecting IO prices and individual company SP's
Mass evacuations as Brazil's Vale reports dam in danger of collapse
By Diane Jeantet
March 24, 2019 — 10.12am
QUOTE
Rio de Janeiro: Brazilian mining giant Vale says that communities in the south-eastern state of Minas Gerais have been ordered to evacuate after independent auditors found that one of its dams could collapse at any moment.

On Friday, the company raised the level of risk at a mining waste dam in the city of Barao de Cocais to three, the highest grade. According to Brazil's mining and energy secretary, level three means that "a rupture is imminent or already happening".

Residents in a 10-kilometre perimeter of the dam had already been told to leave by state authorities in February after Vale raised risk levels to grade two, a company spokesperson told the Associated Press on Saturday.

read more - https://www.theage.com.au/world/south-ameri...324-p516zy.html


Meanwhile at home (Australia)
Cyclone Veronica poses the biggest risk to the Pilbara in a decade, authorities warn
QUOTE
A red alert was issued on Saturday afternoon and is current for people in or near communities from Pardoo to Mardie, including Port Hedland, South Hedland, Whim Creek, Point, Samson, Wickham, Roebourne, Karratha and Dampier, but excluding Marble Bar.

https://www.abc.net.au/news/2019-03-24/cycl...-coast/10934004

extract from Bloomberg article - https://www.bloomberg.com/news/articles/201...atter-australia
QUOTE
Following is a table of some of the companies and operations that may be affected by the cyclones.

COMPANY CYCLONE OPERATIONS PRODUCT REGION
Glencore Trevor McArthur River Zinc Northern Territory
South32 Trevor GEMCO Manganese Northern Territory
BHP Veronica Pilbara/Offshore WA Iron ore/oil Western Australia
Rio Tinto Veronica Pilbara Iron ore Western Australia
Fortescue Veronica Pilbara Iron ore Western Australia
Woodside Veronica NWS/Pluto LNG Western Australia
Chevron Veronica Gorgon LNG Western Australia
Santos Veronica Varanus/Devil Creek Gas Western Australia
Jadestone Veronica Stag Oil Western Australia
Barrick-Newmont Veronica Kalgoorlie Gold Western Australia




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Mar 20 2019, 10:01 PM
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Posts: 6,564
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In Reply To: blacksheep's post @ Mar 20 2019, 06:38 PM

Iron ore futures in China are getting hosed
DAVID SCUTT
MAR 20, 2019, 2:44 PM

Read more at https://www.businessinsider.com.au/iron-ore...owHQwRyEJG6G.99



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
 


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