Fortescue profit down 94% in H2 2009

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19 FEBRUARY 2010

Fortescue Metals Group (FMG), Australia’s third-biggest iron ore producer, said net profit plunged 94% in the second half of 2009 due to revaluation of a loan, a stronger Australian dollar, and higher costs. Net profit was $43 million, down from $252 million in the corresponding period of 2008. Demand for iron ore will continue to outweigh supply in the medium term, assuming no other major economic disruptions, ceo Graeme Rowley said in a conference call. FMG’s mined output rose to 19.5 million tonnes for the December half, up 25%...

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Type	Route		$ / tonne
Capesize	Dampier (Aus)	Qingdao	$11.85
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Capesize	Tubarao (Br)	Qingdao	$28.80
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