Fortescue Metals Group boss Andrew Forrest and his executives did not mislead investors by overstating agreements with Chinese parties, a Western Australian court has been told.
The corporate watchdog says it will ask the Federal Court to consider disqualifying Andrew Forrest from acting as a director as legal proceedings involving Fortescue Metals Group is set to start on Monday.
Mining services company NRW Holdings has received a letter of intent for a $57 million contract from Fortescue Metals Group for overburden mining and ore-rehandling at the Christmas Creek site.
Fortescue Metals Group remains in a trading halt as it considers more capital raising after agreeing to sell a stake to a Chinese steel maker for $1.2 billion.
Iron ore miner Fortescue Metals Group has negotiated a $558 million capital injection at $2.48 per share with Chinese steel maker Hunan Valin Iron and Steel Group Company.
Fortescue Metals Group has warned it could take at least a $US171 million ($A264 million) hit from suspended shipping contracts but says talks with Chinese entities for equity investment and a hybrid funding package are progressing.
Shares in Fortescue Metals Group have surged as much as 25 per cent today as the iron ore miner confirms it has been in talks with companies from China and the UK over investment opportunities.
Fortescue Metals Group has agreed to settle a shipping contract dispute with the issue of $US22 million ($A34 million) worth of shares and has entered into a shipping joint venture.
Iron ore miner Fortescue Metals Group has booked a $1.1 billion net profit in its first full half-year of mining, though in line with previous periods its result has more to do with accounting adjustments than mining operations.
Fortescue Metals Group has reached its targeted 15 million tonne shipment for 2008 while it was 1 per cent shy of its mining goal at its Cloudbreak mine in the Pilbara.
Fortescue Metals Group expects to hold a steady production rate of 55 million tonnes per annum over the course of 2009, setting aside earlier plans to hit that rate by the end of the March next year.
Fortescue Metals Group has dismissed the value of over $190 million of legal claims over the suspension of its shipping contracts as "ambit claims", as it reveals that over $2 million of its funds have been frozen in the United States.
Fortescue Metals Group says it is reviewing the legal status of its shipping contracts as it reveals today that disputes have arisen from a decision to suspend two-thirds of its long-term ship charter contracts.
Fortescue Metals Group has told engineering company NRW Holdings to walk off the Cloudbreak-to-Christmas Creek rail line site in the Pilbara because construction has been deferred.
A day after Treasurer Wayne Swan declared BHP Billiton and Rio Tinto's Pilbara rail lines open to third parties, Fortescue Metals Group Ltd says it has written to the mining giants seeking a rail co-operation deal.
In a major upset to BHP Billiton and Rio Tinto, Treasurer Wayne Swan has declared the iron ore giants' Pilbara rail lines open for a period of 20 years.
Fortescue Metals Group Ltd has appointed former Cape Lambert Iron Ore Ltd chairman Ian Burston and former Oxiana chief executive Owen Hegarty to its board.
THE expansion of existing iron ore projects, and the commissioning of new mines, is expected to increase pressure on the Pilbara's already squeezed port and rail infrastructure.
MINERAL and petroleum commodities dominate Western Australian exports, with iron ore alone accounting for almost one-third of the state's total exports.
Maddington-based civil contractor Brierty Ltd has signed a letter of intent with iron ore miner Fortescue Metals Group for further major earthworks at its port development at Port Hedland in the Pilbara.
Fortescue Metals Group Ltd and its chief executive Andrew Forrest will head to court in April next year to fight claims made by the corporate watchdog.
Parochial investors who put their money into Western Australian stocks have just experienced their worst year in nearly a decade, judging by the results of WA Business News' annual total shareholder return survey.
Fortescue Metals Group is considering a number of finance options to fund expansion plans at its Chichester Range iron project, with a control estimate expected to be released within a few months.
The Western Australian business success story that everyone has been talking about in the past twelve months, Fortescue Metals Group, has topped the emerging brands list.
Andrew Forrest's Fortescue Metal Group Ltd has increased the cost of its Pilbara iron ore project by $31 million, taking the final forecast cost up to $2.796 billion and leaving the company with no formal contingency.
Iron ore newcomer Fortescue Metals Group Ltd is sticking to its May 15 deadline for its first shipment, denying speculation that its debut delivery could be as late as August.
A spokesman for Fortescue Metals Group Ltd said the group would not comment on reports that its chief executive, Andrew Forrest, held discussions with bankers in Beijing earlier this week seeking loans to help fund a $1 billion expansion of its Pilbara ir
