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Additional Information
Market: ASX
Sector: Non Ferrous Metals
Epic: ASX:FMG
News: Latest news
Web Site: Fortescue Metals
Other Articles: 13-11-200913-10-200930-09-2009

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Fortescue Metals

Fortescue Metals

Fortescue Metals is an ASX 50 company that has defined about 4.5 billion tonnes of Resources of Iron Ore, including 1.625 billion tonnes of Reserves.  Fortescue is focused on cementing its position as the "new force in iron ore."  Initial production will be 55 million tonnes of iron ore per annum and market driven expansion will occur as required. This initial tonnage has sold out and agreements exist for up to 50 million tonnes per annum of expansion tonnage. With reserves defined from less than 10 per cent of its 69,000 square kilometres of Pilbara tenements, Fortescue is well-positioned to take advantage of the current 'golden age' for iron ore.

Wednesday, February 04, 2009

Fortescue restructures shipping contract with Bocimar

Fortescue Metals (ASX:FMG) has advised it has resolved its dispute and reached an agreement with Bocimar International NV to terminate the two contracts entered into in February 2008 which were struck during the previous high shipping market.

As a result, Bocimar will immediately discontinue arbitration action against Fortescue and both parties agree they have no further claims against each other. 

In consideration of settling the dispute, Fortescue has agreed to allot FMG shares to Bocimar for an equivalent value of US$11 million per contract as at the closing price on 31 December 2008.

Fortescue and Bocimar have also agreed to establish a shipping Joint Venture ("JV") which includes the chartering of three modern Cape-size vessels (180,000 to 200,000 tonne capacity). The vessels have been secured at today's historically low rates, fixed for a 10 year period, in consideration for the future commitment to issue US$28m of FMG shares on 31 December 2009 set on a weighted average market price basis.

The JV will include an equal profit sharing arrangement for sub chartering of the vessels and will also cover advisory and management services to be provided by Bocimar, one of the world's most influential shipping groups.

Fortescue Metals was trading up 5%, at $2.02.

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