https://www.engineeringnews.co.za

Fortescue repays more debt

16th December 2016

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Iron-ore major Fortescue Metals has issued a $1-billion repayment notice for its 2019 senior secured credit facility, resulting in annual interest savings of around $38-million.

“This $1-billion payment is a continuation of our focused debt repayment strategy and further lowers our total cash position. Fortescue’s nearest debt maturity is in June 2019, and is now less than $2-billion with gross gearing falling below our targeted 40% level once this payment is made,” said Fortescue CEO Nev Power.

“Our productivity and efficiency initiatives have achieved sustained cost reductions and combined with buoyant market conditions, are generating significant free cash flow which will further strengthen Fortescue’s balance sheet.”

To watch Creamer Media's latest video reports, click here
 

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Trotech
Trotech

Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.

VISIT SHOWROOM 
Flanders Electrical SA
Flanders Electrical SA

FLANDERS Southern Africa provides integrated solutions for mining and industrial operations, covering field services, automation, electrification,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.049 1.223s - 140pq - 2rq
Subscribe Now