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'''Fortescue Metals Group''' ({{Asx|FMG}}) is an [[Australia]]n [[iron ore]] mining company with holdings of more than 71,000 km2 in the [[Pilbara]] region of [[Western Australia]]. The company is listed as FMG on the [[Australian Securities Exchange]] (ASX) and has shown spectacular share appreciation in the last few years.<ref>http://www.google.co.uk/finance?q=ASX%3AFMG</ref> Fortescue Metals is led by entrepreneur and one of Australia's richest men [[Andrew Forrest]]. Forrest also founded Anaconda Nickel (now [[Minara Resources]]), one of the world's largest nickel miners.
'''Fortescue Metals Group''' ({{Asx|FMG}}) is an [[Australia]]n [[iron ore]] mining company with holdings of more than 71,000 km2 in the [[Pilbara]] region of [[Western Australia]]. <ref>[http://money.cnn.com/2007/11/19/news/international/australia_mining_boom.fortune/index2.htm Fortune Magazine story that includes Fortescue]</ref>
The company is listed as FMG on the [[Australian Securities Exchange]] (ASX).<ref>http://www.google.co.uk/finance?q=ASX%3AFMG</ref> Fortescue Metals is led by entrepreneur and one of Australia's richest men [[Andrew Forrest]]. Forrest also founded Anaconda Nickel (now [[Minara Resources]]), one of the world's largest nickel miners.


== Leadership==
== Directors:<ref>[http://www.fmgl.com.au/IRM/content/about_directorprofiles.htm Fortescue Director Profiles]</ref>==
* [[Herb Elliott]], Chairman <ref>[http://www.fmgl.com.au/IRM/content/about_directorprofiles.htm Fortescue Director Profiles]</ref>
* [[Herb Elliott]] <small>[[Order of Australia|AC]] [[Order of the British Empire|MBE]]</small>: Chairman
* [[Andrew Forrest]]: Executive Director
* [[Andrew Forrest]], Executive Director
* Graeme Rowley <small>[[Order of Australia|AM]]</small>: Non-Executive Director (retired in Mar 2010)
* Russell Scrimshaw: Executive Director
* Ken Ambrecht: Non-Executive Director
* Joe Steinberg: Non-Executive Director
* Geoff Brayshaw: Non-Executive Director

== Management==
* Paul Hallam: Director of Operations
* Chris Catlow: Chief Financial Officer
* Kevin McLean: General Manager, Cloudbreak Mine
* Viv Roberts: General Manager, Christmas Creek Mine
* Rod Campbell: Company Secretary
* Stephen Cathcart: General Manager, Rail
* Peter Huston: General Counsel
* Eamon Hannon: Head of Exploration
* Julian Tapp: Government Relations
* Dr John Clout: Resource Strategy


== Core business ==
== Core business ==
⚫
The group operates the mine in [[Cloud Break mine|Cloud Break]] and holds major deposits at Mount Nicholas, [[Christmas Creek mine|Christmas Creek]], Solomon and Tongolo.
⚫
Fortescue Metals Group reached a milestone in May 2008 by loading its first iron ore shipment bound for China. Fortescue have at least 10 Chinese steel mill contracts lasting for around 10 years. Baosteel was the first company to receive their iron ore.<ref>[http://news.smh.com.au/business/fortescue-loads-iron-ore-shipment-20080515-2ej4.html Fortescue loads iron ore shipment&mdash;Breaking News&mdash;Business&mdash;Breaking News<!-- Bot generated title -->]</ref>

⚫
Fortescue Metals Group is the operator of the mine in [[Cloud Break mine|Cloud Break]] and holds major deposits at Mount Nicholas, [[Christmas Creek mine|Christmas Creek]], Solomon and Tongolo.
⚫
In 2008, the group loadedg its first iron ore shipment bound for China. Fortescue have at least 10 Chinese steel mill contracts lasting for around 10 years. Baosteel was the first company to receive their iron ore.<ref>[http://news.smh.com.au/business/fortescue-loads-iron-ore-shipment-20080515-2ej4.html Fortescue loads iron ore shipment&mdash;Breaking News&mdash;Business&mdash;Breaking News<!-- Bot generated title -->]</ref>


== Infrastructure ==
== Infrastructure ==
The company has built a mine, a {{convert|260|km|mi|0|sind=on}} [[Fortescue railway|railway]] and a new port at [[Point Anderson]] (aka Herb Elliott port) near [[Port Hedland]].
The company has built a mine, a {{convert|260|km|mi|0|sind=on}} [[Fortescue railway|railway]] and a new port at [[Point Anderson]] (aka Herb Elliott port) near [[Port Hedland]]. The Fortescue rail line has a flyover over the [[Mt Newman Railway]], and a crossing of the [[BHP Billiton railway]]. The "first ore on ship" on the line occurred in May 2008, 3.5 years after construction started.<ref name=rgi200807>{{cite news | title=Fortescue opens the world's heaviest haul railway| url =http://www.railwaygazette.com/news/single-view/view//fortescue-opens-the-worlds-heaviest-haul-railway.html | work =[[Railway Gazette International]] | date = July 2008 | page=427 | author=John Kirk }}</ref>

=== Railway ===

⚫
Fortescue's 220-wagon iron ore trains are amongst the [[heaviest trains]] in the world, and are fitted with [[electronically controlled pneumatic brakes]] for greater performance.<ref name=rgi200807 /> The {{RailGauge|sg}} ([[standard gauge]]) heavy haul railway is used by {{convert|35200|t|LT ST|0|lk=on|sing=on}} trains up to {{convert|2.5|km|mi}} long carrying {{convert|29000|t|LT ST|0}} of ore at {{convert|40|t|LT ST|0|sing=on}} [[axleload]] (the weight of the two {{convert|4000|hp|MW|adj=on}} engines is extra). The railway is [[Open Access (Infrastructure)|open access]] which means that other miners can use it for a fee. Atlas Exports has signed a commercial agreement to use the line and port.<ref name=rgi200807 />

⚫
The Fortescue Railway parallels another iron ore railway (the [[BHP Billiton railway]]) for over {{convert|100|km|mi|0}}. Fortescue had sought access to use this line, but BHP declined.<ref>{{cite news | title=Fortescue goes its own way| url =http://www.railwaygazette.com/news/single-view/view/10/fortescue-goes-its-own-way.html | work =[[Railway Gazette International]] | date =2007-03-01 | author=Nick Kingsley }}</ref> The National Competition Council recommended Fortescue should be granted access, but then Treasurer [[Peter Costello]] refused the NCC recommendation. However, Fortescue appealed this to the Australian Competition Tribunal. In parallel BHP Billiton sought to overturn the original NCC decision in the Federal and then High Court. On each occasion the judges ruled against BHP Billiton.

The Fortescue rail line has a flyover over the [[Mt Newman Railway]], and a crossing of the [[BHP Billiton railway]].

==Shipment==
The "first ore on ship" occurred in May 2008, 3.5 years after construction started.<ref name=rgi200807>{{cite news | title=Fortescue opens the world's heaviest haul railway| url =http://www.railwaygazette.com/news/single-view/view//fortescue-opens-the-worlds-heaviest-haul-railway.html | work =[[Railway Gazette International]] | date = July 2008 | page=427 | author=John Kirk }}</ref>


⚫
The railway's 220-wagon iron ore trains are amongst the [[heaviest trains]] in the world,<ref name=rgi200807 /> The {{RailGauge|sg}} ([[standard gauge]]) heavy haul railway is used by {{convert|35200|t|LT ST|0|lk=on|sing=on}} trains up to {{convert|2.5|km|mi}} long carrying {{convert|29000|t|LT ST|0}} of ore at {{convert|40|t|LT ST|0|sing=on}} [[axleload]] (the weight of the two {{convert|4000|hp|MW|adj=on}} engines is extra). The railway is [[Open Access (Infrastructure)|open access]] which means that other miners can use it for a fee. Atlas Exports has signed a commercial agreement to use the line and port.<ref name=rgi200807 />
Significant increases in shipments of iron ore from Fortescue's Cloud Break mine were expected over 2008. The initial shipment has been hailed as a strong sign that Fortescue will become an increasingly important force in the iron ore market. Talks on increases in ore prices have bolstered this position as competitor Rio Tinto secured a deal that effectively increased ore prices by 95%. Fortescue has announced that it would use Rio Tinto's benchmark iron ore price for the time being.


⚫
The railway parallels another iron ore railway, the [[BHP Billiton railway]]) for over {{convert|100|km|mi|0}}. Fortescue had sought access to use this line, but BHP declined.<ref>{{cite news | title=Fortescue goes its own way| url =http://www.railwaygazette.com/news/single-view/view/10/fortescue-goes-its-own-way.html | work =[[Railway Gazette International]] | date =2007-03-01 | author=Nick Kingsley }}</ref> The matter remains in litigation. {{cn}}
Planned shipments in the coming years:
55 million tonnes (current), 80 million tonnes, 120 million tonnes, 160 million tonnes, 200 million tonnes


== See also ==
* [[Heaviest trains]]: 32,320 tonnes plus locomotives
* [[Herb Elliott]] the distance runner, is a director and non-executive chairman of the company.
* [[Longest trains]]: 202 wagons plus two locomotives.


== References ==
== References ==
Line 70: Line 39:
== External links ==
== External links ==
* {{Official|http://www.fmgl.com.au Fortescue Metals Group}}
* {{Official|http://www.fmgl.com.au Fortescue Metals Group}}
* [http://money.cnn.com/2007/11/19/news/international/australia_mining_boom.fortune/index2.htm Fortune Magazine story that includes Fortescue]
* [http://www.fmgl.com.au/irm/Company/ShowPage.aspx?CPID=1541 About to open: May 2008]


{{S&P/ASX 50}}
{{S&P/ASX 50}}

Revision as of 00:56, 30 November 2010

Fortescue Metals Group Ltd
Company typePublic (ASX: FMG)
IndustryMining
Founded2003
HeadquartersAustralia Perth, Australia
Key people
Andrew Forrest (CEO)
Herb Elliott (Chairman)
Productsiron ore
Revenuen/a
n/a
Number of employees
279
Websitewww.fmgl.com.au

Fortescue Metals Group (ASX: FMG) is an Australian iron ore mining company with holdings of more than 71,000 km2 in the Pilbara region of Western Australia. [1] 

The company is listed as FMG on the Australian Securities Exchange (ASX).[2] Fortescue Metals is led by entrepreneur and one of Australia's richest men Andrew Forrest. Forrest also founded Anaconda Nickel (now Minara Resources), one of the world's largest nickel miners.

Leadership

Core business

The group operates the mine in Cloud Break and holds major deposits at Mount Nicholas, Christmas Creek, Solomon and Tongolo.

In 2008, the group loadedg its first iron ore shipment bound for China. Fortescue have at least 10 Chinese steel mill contracts lasting for around 10 years. Baosteel was the first company to receive their iron ore.[4]

Infrastructure

The company has built a mine, a 260 kilometres (162 mi)* railway and a new port at Point Anderson (aka Herb Elliott port) near Port Hedland. The Fortescue rail line has a flyover over the Mt Newman Railway, and a crossing of the BHP Billiton railway. The "first ore on ship" on the line occurred in May 2008, 3.5 years after construction started.[5]

The railway's 220-wagon iron ore trains are amongst the heaviest trains in the world,[5] The 1,435 mm (4 ft 8+1⁄2 in) (standard gauge) heavy haul railway is used by 35,200-tonne (34,644-long-ton; 38,801-short-ton) trains up to 2.5 kilometres (1.6 mi) long carrying 29,000 tonnes (28,542 long tons; 31,967 short tons) of ore at 40-tonne (39-long-ton; 44-short-ton) axleload (the weight of the two 4,000-horsepower (3.0 MW) engines is extra). The railway is open access which means that other miners can use it for a fee. Atlas Exports has signed a commercial agreement to use the line and port.[5]

The railway parallels another iron ore railway, the BHP Billiton railway) for over 100 kilometres (62 mi). Fortescue had sought access to use this line, but BHP declined.[6] The matter remains in litigation. [citation needed]


References

  1. ^ Fortune Magazine story that includes Fortescue
  2. ^ http://www.google.co.uk/finance?q=ASX%3AFMG
  3. ^ Fortescue Director Profiles
  4. ^ Fortescue loads iron ore shipment—Breaking News—Business—Breaking News
  5. ^ a b c John Kirk (July 2008). "Fortescue opens the world's heaviest haul railway". Railway Gazette International. p. 427.
  6. ^ Nick Kingsley (2007-03-01). "Fortescue goes its own way". Railway Gazette International.
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