China Warehouse- More Than Crockery Message Board

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Strategies & Market Trends : China Warehouse- More Than Crockery

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To: RealMuLan who wrote (4593)	3/28/2005 1:37:05 AM
From: RealMuLan	Read Replies (1) of 6370

US ; Fortescue shares plunge on Chinese fears: 14 Hours,42 minutes Ago [US News] Shares in Fortescue Metals Group have plummeted after a report that its Chinese backers aren't prepared to finance and build its $1.85 billion iron ore project under current arrangements. The stock shed $1.28 - or more than a quarter of its value - to $3.77 in the first half an hour of trade before the company asked for trading to be halted. The bloodbath came after a report the lead negotiator on the project, China Metallurgical Construction (Group) Corp, expressed concern Fortescue had not proven its ore reserves were of sufficient quality and large enough to support a plant producing 45 million tonnes of iron ore annually over an initial 20 years. China Metallurgical also disputed that it was legally committed to building a port, processing facility and railway line from Port Hedland to Fortescue's tenements in Western Australia's Chichester Ranges, a newspaper reported. Fortescue chief executive Andrew Forrest did not return telephone calls but said last year that three state-owned Chinese groups led by China Metallurgical had signed fixed price contracts and would bear full construction risk for the Pilbara iron ore project. They would fund the entire project then transfer it to Fortescue once performance specifications had been met, he said. The report comes after Fortescue last week lifted the in-ground resource estimate for its flagship Christmas Creek iron ore project by 56 per cent to 1.02 billion tonnes, and on Wednesday announced its nearby Cloud Break project was much bigger than originally expected. Fortescue's shares were worth $1.1 billion on Thursday morning, up from $73 million last year. keralanext.com

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