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Update Fortescue Metals FSUMF

July 16, 2009 @ 2:31 pm | Update | 3 comments

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.)

3 Comments

  1. willisll
    willisll on July 21, 2009 at 9:45 pm

    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

  2. jamesboger
    jamesboger on July 17, 2009 at 8:12 am

    Do you agree that Fortescue could be a very longterm buy and hold ?

  3. jamesboger
    jamesboger on July 17, 2009 at 8:06 am

    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 !!!!

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