22
Feb
11:20
FMG profits fund fleet expansion and debt reduction
Australia’s FMG saw profits boom in the first half of its financial 2017 (July-December 2016) thanks to soaring prices and further cost reductions. Its free cash flow has so far mostly gone into debt repayments but it is increasing capex, especially on a new fleet of very large ore carriers (VLOCs), Kallanish notes.
The miner shipped 86.1 million tonnes of iron ore in the six months to December, up 5% year-on-year. Average C1 costs for the period were $13.…
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Anonymous
Very good overview of the weekly steel market.
Anonymous