Update Fortescue Metals FSUMF
Some good news for Fortescue Metals Group (FSUMF) from the ground this time. On July 14 the Australian iron ore miner announced that production for the fiscal year that ended on June 30 had hit 27.3 million metric tons. That beat the company’s last forecast of 26 million tons. Costs also fell in the quarter, by 36%, to $22.92 (U.S.) a ton. The company still has a lot of work ahead of it: The goal for the first half of 2010 is to ramp production to an annual rate of 45 million tons and to take another $270 million (U.S.) out of costs. AS of July 14, I’m keeping my target price at $6 a share by March 2010. (Full disclosure: I own shares of Fortescue Metals.)
Related Posts
No related posts.
3 comments
Post a comment
Comments that include profanity, or personal attacks, or antisocial behavior such as "spamming" or "trolling," or other inappropriate comments or material will be removed from the site. We will take steps to block users who violate any of our terms of use. You are fully responsible for the content that you post.
Hey Jim,
Its about time you went out on your own !
I have thoroughly enjoyed your insight and recommendations,since you started writing at MSN.
Let’s tell all our friends that JIM Jubak is back !!!!
Do you agree that Fortescue could be a very longterm buy and hold ?
Jim,
I am so excited to find you and have the ability to have you wisdom and knowledge about the market and investing. I was lost for a while there.
Thank you for going out on your own. I found you through Facebook.
Willisll