How has Fortescue Metals Group's share price performed over time and what events caused price changes? One was for FMG to adopt a moratorium on activities that would disturb, destroy or desecrate Aboriginal heritage sites, to be reviewed annually by the board, and the second was for FMG to disclose its lobbying on cultural heritage issues by “any industry association of which it is a member”. Mining billionaire Andrew Forrest will be paid more than $698 million in interim dividends after the company he built, Fortescue Metals Group, beat analyst forecasts by … “That FMG considers themselves above this rule of thumb is totally out of step with community and investor expectations.”. FMG is an Australian iron and nickel mining company that is among the top 10 in the world. She said the Yindjibarndi had "never got a cent" from FMG. Fortescue is the fourth largest iron ore producer in the world after BHP, Rio Tinto, and Vale. "It [the compensation claim] will take quite a bit of time, we think a year or two to put together, but that's definitely the next thing that's going to happen here.". The company was seeking to contest the exclusive possession rights of the Yindjibarndi people over land in the Pilbara that includes the site of its multi-billion-dollar Solomon mine hub. Nov 9, 2020 Fortescue Metals Group (Fortescue) has signed 12 Memoranda of Understanding (MOUs) with major Chinese steel mills, procurement partners and financial institutions on the sidelines of the third China International Import Expo (CIIE 2020), valued cumulatively in the range of US$3 to US$4 billion. Fortescue Metals Group Ltd ABN 57 002 594 872. Fortescue Metals Group has secured 12 new agreements with Chinese steel mills, procurement partners and financial institutions during the China International Import Expo 2020. australianmining.com.au Fortescue signs multi-billion-dollar agreements with Chinese - Australian … He said FMG “works closely with the traditional custodians of the land on which it operates [and] … the company acts with transparency and in good faith at all times”. Fortescue signs 12 Memoranda of Understanding at the China International Import Expo. The FMG company secretary, Cameron Wilson, said the company “respects the important right of shareholders to requisition resolutions, however, as the notice was received after the applicable cut-off date prescribed under the Corporations Act, the resolutions will not be considered at the AGM”. “The moratorium, proposed by people unfamiliar with the West Australian mining industry, is not supported by Fortescue as it would disempower local Aboriginal people in the Pilbara and limit the positive contribution the mining industry is making to the state and national economies, at a time when it is needed most.”. FMG | Complete Fortescue Metals Group Ltd. stock news by MarketWatch. Mining Iron ore Coronavirus (COVID-19) WA News Australia. FMG signed MoUs with long-term partner and major shareholder Hunan Valin Iron & Steel Group Co for the supply of iron ore and procurement opportunities, as well as the Bank of China, Sydney Branch (for strategic cooperation. The MoUs are valued cumulatively in the range of US$3 to $4 billion. To open the plan, Andrew Forrest met President Joko Widodo September 3, 2020. Australia, through the CEO of Fortescue Metals Group (FMG) Andrew Forrest, is eyeing the development of Indonesia’s geothermal environmentally friendly energy of 25 GW. Fortescue Metals Group confirms it is investigating the development of a green ammonia plant in Bell Bay, Tasmania, which has been announced as a successful participant in the Tasmanian Government’s Renewable Hydrogen Industry Development Funding program. View the latest Fortescue Metals Group Ltd. (FMG) stock price, news, historical charts, analyst ratings and financial information from WSJ. 11 Nov 2020. 0 : Created with Sketch. This article is available to subscribers who have digital access included in their subscription. Australia stocks higher at close of trade; S&P/ASX 200 up 0.38% By Investing.com - Dec 03, 2020 View today’s FMG share price, options, bonds, hybrids and warrants. Apr 6, 2020. It has announced it will set up a heritage advisory council with Banjima native title holders to inform the design of its $4.5bn South Flank iron ore mining operation. The failed bid to the High Court came after the $41 billion company lost a Federal Court appeal last year where five judges unanimously decided to uphold the Yindjibarndi people's native title rights. Are you already a subscriber? 9 Nov 2020. Fortescue Metals Group, the mining company owned by Andrew “Twiggy” Forrest, has angered shareholder activists by rejecting their resolution for a moratorium on the desecration of Aboriginal heritage sites – on the basis that the physical copy of the documents it was printed on arrived too late to be considered at the annual general meeting. Speaking to the ABC from Roebourne, Yindjibarndi Aboriginal Corporation's chief executive Michael Woodley said they "clapped and cheered" when the news arrived. Stuart McKinnon The West Australian. Australian mining giant Fortescue Metals Group has been unsuccessful in its bid to appeal a native title determination over one of its West Australian iron ore mines. With its stock down 8.7% over the past three months, it is easy to disregard Fortescue Metals Group (ASX:FMG). FMG confident it has 'de-risked' project Magnetite iron ore projects have had a chequered history both in Western Australia and globally, struggling to compete with higher grade hematite exports due to the high cost of processing the product. Fortescue Metals Group, the mining company owned by Andrew “Twiggy” Forrest, has angered shareholder activists by rejecting their resolution for a … Here's what people think, Is iron ore our secret weapon? Fortescue Metals Group is allegedly withholding $1.9m in royalty payments from Aboriginal people in the Pilbara because the owners “asked for information about their plans” for … On Friday, the High Court rejected the company's application for special leave to have the case heard, with costs to be paid by FMG. The company can be reached via phone at +61-8-62188888. Western Australia's Pilbara region has been home to Pansy Sambo's ancestors for centuries. Fortescue Metals Group Ltd. published this content on 05 May 2020 and is solely responsible for the information contained therein. Stuart McKinnon. The company has holdings of more than 87,000 km 2 in the Pilbara region of Western Australia, making it the largest tenement holder in the state, larger than both BHP Billiton and Rio Tinto. "My congratulations to the Yindjibarndi people for the patience, grace and determination they have demonstrated since first lodging this claim in 2003," he said. Given that fundamentals usually drive long-term market outcomes, the company is worth looking at. (ABC News: Emma Machan). View announcements, advanced pricing charts, trading status, fundamentals, dividend information, peer … But its mineral-rich expanses have now brought bitter community division and court fights. In its submission to the court, the company was contesting the concept of exclusive native title. Level 2, 87 Adelaide Terrace, East Perth, Western Australia 6004 PO Box 6915, East Perth, Western Australia 6004 P +61 8 6218 8888 E fmgl@fmgl.com.au W www.fmgl.com.au. News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services ... Fortescue Metals Group Ltd. FMG (Australia: Sydney) search. The ACCR had sought two resolutions after Rio Tinto’s destruction of Juukan Gorge in the Pilbara in May. However, a closer look at its sound financials might cause you to think again. "This is for their health and housing that they so desperately need. Latest Share Price and Events Stable Share Price : FMG is not significantly more volatile than the rest of Australian stocks over the past 3 months, typically moving +/- 6% a week. 11 Nov 2020 Fortescue’s values and culture highlighted at 2020 Annual General Meeting “That FMG is using the pandemic to their advantage is reprehensible,” she said. FMG had been operating the mine without an agreement with the Yindjibarndi people, after negotiations broke down in 2008. FMG is an Australian iron and nickel mining company that is among the top 10 in the world. Mining company owned by Andrew Forrest says paper copies arrived after the ‘applicable cut-off date’, Last modified on Wed 16 Sep 2020 04.55 EDT. Fortescue Metals Group Limited (ASX: FMG) Share Price and News www.fool.com.au - May 13 at 8:58 PM: A Rising Share Price Has Us Looking Closely At Fortescue Metals Group Limited's (ASX:FMG) P/E Ratio finance.yahoo.com - April 8 at 10:19 PM: A Rising Share Price Has Us Looking Closely At Fortescue Metals Group Limited's (ASX:FMG) P/E Ratio Now we will start to put a compensation claim together. "I hope the divisions created through this process can now begin to heal.". ($1 = 1.3689 Australian dollars) (Reporting by Melanie Burton; Editing by … Fortescue Metals has been accused of rejecting an important resolution on the desecration of Aboriginal heritage sites ‘on a minor technicality’. Fortescue Metals Group Limited (FMG.AX)'s mailing address is Hyatt Centre, L 2 87 Adelaide Tce, PERTH, WAS 6004, Australia. FMG News This page features the latest news about the Fortescue Metals stock. "Having that huge mine built in their land … they deserve to get compensation so they can benefit their community," she said. Get the latest BBC World News: international news, features and analysis from Africa, the Asia-Pacific, Europe, Latin America, the Middle East, South Asia, and the United States and Canada. 17 Nov 2020. Fri, 30 October 2020 6:51AM. Distributed by Public, unedited and … Chief among these has been a multi-billion dollar export deal with China. FMG's High Court challenge was led by Bret Walker SC, one of Australia's most eminent silks and barrister for George Pell's recent High Court acquittal. “Fortescue does not have heritage ‘gag order’ clauses in its agreements and Aboriginal groups are free and open to disagree and publicly voice their concerns. Fortescue announces development study into green ammonia plant in Tasmania. “Fortescue is assessing the validity of the notice, including whether it complies with the requirements of the Corporations Act,” Wilson said in the statement to the ASX. Yindjibarndi Aboriginal Corporation's legal representative Tina Jowett said it was a "brilliant outcome" for the traditional owners. BHP will appear before a Senate inquiry on Thursday to answer questions about its Pilbara operations, especially arrangements with the Banjima traditional owners. It said it did not expect the decision to impact its operations or mining tenure at the Solomon hub and it did not anticipate "any material financial impact". “That they are doing this to avoid shareholder scrutiny of their relationships with Aboriginal traditional owners begs the question, what are they hiding?”. This service may include material from Agence France-Presse (AFP), APTN, Reuters, AAP, CNN and the BBC World Service which is copyright and cannot be reproduced. News and media FMG Iron ore Australia FMG intensifies strategic partnership with Wirtgen The surface miner fleet of the Fortescue Metals Group (FMG), one of Australia’s largest iron ore producers, has grown to a total of 43 machines, with 28 WIRTGEN 4200 SM and 15 WIRTGEN 2500 SM. Australian mining giant Fortescue Metals Group (FMG) has lost its High Court bid to appeal against a native title determination that covers one of its West Australian iron ore mines. "We can rest easy now, knowing this is the end. Stock analysis for Fortescue Metals Group Ltd (FMG:ASE) including stock price, stock chart, company news, key statistics, fundamentals and company profile. Friday's decision paves the way for the Yindjibarndi Aboriginal Corporation (YAC) — the organisation representing about 800 traditional owners — to pursue what is expected to be a multi-million-dollar compensation payout for both economic loss and spiritual harm. News: FMG Australia shares scale nine-month high as miners rally further: 07/12/20 : 0: 253: 07/12/20: Last post Hot News: Created with Sketch. Australia stocks higher at close of trade; S&P/ASX 200 up 0.38% By Investing.com - Dec 03, 2020 A map of the YAC claim area in Western Australia's Pilbara region. Most of the Yindjibarndi people are based in the small Pilbara town of Roebourne and were not in court for the decision, which was handed down in Brisbane but streamed to court rooms in Perth and Sydney. The centre’s Brynn O’Brien said Fortescue had knocked back an important resolution “on a minor technicality”. The High Court decision has failed to scare investors, with the company's share price closing up 17 cents on Friday to $13.69 a share, valuing Mr Forrest's stake at $15.2 billion. In a statement to the Australian Securities Exchange, FMG said it was "disappointed" with the outcome. Mining billionaire Andrew Forrest will be paid more than $698 million in interim dividends after the company he built, Fortescue Metals Group, beat analyst forecasts by … The Solomon iron ore deposit was discovered by FMG geologists in 2005. In a statement to the ASX on Wednesday, Fortescue said the paper copies arrived after the “applicable cut-off date prescribed under the Corporations Act” so the resolutions would not be considered at the meeting scheduled for 11 November. FMG | Complete Fortescue Metals Group Ltd. stock news by MarketWatch. Lengthy submissions had already been filed to the court weeks prior. Fortescue Metals Group, the mining company owned by Andrew “Twiggy” Forrest, has angered shareholder activists by rejecting their resolution for a … O’Brien said it called into doubt Fortescue’s “interest in dealing with the important issues raised by its shareholders and indeed Aboriginal traditional owners”. At an FMG shareholders meeting last year, company founder and chairman Andrew Forrest called compensation for the Yindjibarndi people "mining welfare" and said Roebourne was "not a community I'm going to empower with tens of millions of your cash". Fortescue Metals Group Limited is a well-known global iron ore miner and is engaged in the exploration, development, production, processing and sale of iron ore. On today's iron ore price, the mine generates roughly $6.5 billion in revenue each year for the company. It has four mine sites in the Pilbara region and also operates designed rail and port facilities for supply to Port Hedland. FMG News This page features the latest news about the Fortescue Metals stock. YAC's lawyers loudly exclaimed, while Fortescue's representative, Mr Walker, quickly left the room. Fortescue Metals Group Limited (ASX: FMG) has seen a lot of positive news recently. Fortescue Metals Group Ltd (Often referred to as FMG) is an Australian iron ore company. View real-time stock prices and stock quotes for a full financial overview. Australia shares rise as financials cap losses in miners By Reuters - Dec 04, 2020 YAC had been fighting for ownership of its land since 2003, when it first lodged a formal native title claim while simultaneously fighting for a cut of mining royalties. Fortescue Metals Group (Fortescue) and ATCO Australia (ATCO) have signed an agreement to explore the deployment of hydrogen vehicle fuelling infrastructure in Western Australia. Legal representatives for Fortescue, YAC and the WA State Solicitor's Office all made brief arguments in court. FMG shares ended down 1.8%, compared to a 1.8% gain in the wider market .AXJO>. The physical documents were delivered the next morning. The Australasian Centre for Corporate Responsibility (ACCR) said the documents were late due to a Covid-related courier delay but electronic copies had already been filed. But after an hour of discussion between the parties, the court ruled the application would be dismissed. The legal dispute with FMG began in 2017, after the traditional owners were awarded exclusive native title — after applying in 2003 — over a parcel of land that included Fortescue's Solomon Mine Hub. The head of an Aboriginal corporation in Western Australia's Pilbara says he can "give the next generation hope" after mining giant Fortescue Metals Group lost its High Court bid against a native title determination covering one of its iron ore mines. Unlike non-exclusive native title, the exclusive ruling now means the Yindjibarndi have legal possession rights and can control who accesses and uses their land. Recent News 29 Oct 2020 Fortescue Metals Group Provides September 2020 Quarterly Production Report : 24 Aug 2020 Fortescue Metals Reports NPAT Up 48.57% to $4,735m for the Year to 30 June 2020: 04 Sep 2020 Your big questions about China trade war answered, Lebanon's outgoing Prime Minister charged with negligence over Beirut port explosion, Jennifer was given approval to return to Australia for her father's funeral, but her partner wasn't, One word changed the freedoms millions of people enjoy today — human, lost a Federal Court appeal last year where, been fighting for ownership of its land since 2003, the traditional owners were awarded exclusive native title, High Court set to decide community's fate in fight for 'what's rightfully ours', 'It's our own families doing it': The heart in the darkness of a broken town, Andrew Forrest's FMG set to appeal as native title ruling hits share price, Fortescue helped fund breakaway Aboriginal group's campaign against land owners, Native title claim over Andrew Forrest's Solomon mine upheld, Indigenous (Aboriginal and Torres Strait Islander), China slugs Australian wine with more tariffs, 'We have a right to be here': National plan to eradicate racism in Australia needed, landmark report finds, Biden is trying to bend the same rule Trump did to appoint this man, but he'll need some Democrats to backflip first, Tourist town urges residents to work second job to quell worker shortage, 'Time to roll up my swag': Long-serving federal Labor MP Warren Snowdon to retire, Netball Australia set to overhaul 'outdated' governance system following independent review, US election latest: Trump says he'll intervene in Texas case — 'the big one' — but experts say it's 'laughable', Australian dollar approaching a dangerous level, economists warn, Fat fish too big to escape drains among Brisbane Airport's myriad wild residents, Reigning BBL champions upset by Hobart Hurricanes in season opener. We say what people are thinking and cover the issues that get people talking balancing Australian and global moments — from politics to pop culture. Speaking to the ABC earlier this week, native title expert and former WA Law Society president Greg McIntyre described FMG's argument as a "hard-nosed approach". Fortescue and ATCO power on with hydrogen agreement. Page 1 of 1 Australia, through the CEO of Fortescue Metals Group (FMG) Andrew Forrest, is eyeing the development of Indonesia’s geothermal environmentally friendly energy of 25 GW. Guardian Australia revealed in June that the Western Australian government had granted BHP permission to destroy 40 Aboriginal heritage sites belonging to the Banjima people, four days after the Juukan Gorge explosion made global headlines. Recent News 29 Oct 2020 Fortescue Metals Group Provides September 2020 Quarterly Production Report : 24 Aug 2020 Fortescue Metals Reports NPAT Up 48.57% to $4,735m for the Year to 30 June 2020: 04 Sep 2020 “Asic is allowing companies leeway on trading while insolvent. To open the plan, Andrew Forrest met President Joko Widodo September 3, 2020. "We can give the next generation some hope from this point forward.". The latest Fortescue Metals Group Ltd [FMG] news, articles, data and analysis from The Australian Financial Review Electronic copies were sent to FMG before the deadline, O’Brien said, “with enough time for FMG’s lawyers to do the necessary checks to determine shareholder eligibility”, while the physical documents were couriered via an express overnight service. News and media FMG Iron ore Australia FMG intensifies strategic partnership with Wirtgen The surface miner fleet of the Fortescue Metals Group (FMG), one of Australia’s largest iron ore producers, has grown to a total of 43 machines, with 28 WIRTGEN 4200 SM and 15 WIRTGEN 2500 SM. "It really boils down to an argument that if the colonisers have come in and flexed their muscles and made it the case that Indigenous people are subservient to them, then that is a basis for taking away their rights.". Australasian Centre for Corporate Responsibility (ACCR), big institutional investors calling for companies to do more, revealed in June that the Western Australian government had granted BHP permission to destroy 40 Aboriginal heritage. In the News. The ACCR also sought similar reassurances from BHP, which agreed to put the resolutions to its next shareholder meeting in October. AEST = Australian Eastern Standard Time which is 10 hours ahead of GMT (Greenwich Mean Time), The Yindjibarndi's fight for what's 'rightfully ours', Investigation finds why Victoria's healthcare workers were infected in their thousands, Native title chief tips Rio Tinto could end up paying $250 million for destroying ancient caves, Kids' birthdays come and go as parents remain stuck overseas due to travel restrictions, 'More deadly than 9/11': US COVID-19 deaths hit record high, A trial of the controversial cashless welfare card will run for two more years. Stock analysis for Fortescue Metals Group Ltd (FMG:ASE) including stock price, stock chart, company news, key statistics, fundamentals and company profile. "This is a real jubilant moment today," Mr Woodley said. Rio Tinto’s blasting of Juukan Gorge has sharpened attention on other mining operations in the Pilbara, with big institutional investors calling for companies to do more to protect Aboriginal heritage. WA Aboriginal Affairs Minister Ben Wyatt said the decision marked the end of a "17-year struggle". In addition, it … This page was last updated on 12/8/2020 by MarketBeat.com Staff Hesta super says 'change in ranks' at Rio Tinto won't be enough as Juukan Gorge fallout continues. Fortescue’s values and culture highlighted at 2020 Annual General Meeting. Fortescue Metals Group’s border unease amid FIFO mental health concerns. View real-time stock prices and stock quotes for a full financial overview. “If the notice is valid, the resolutions will be put to shareholders for consideration at the next occurring general meeting following the AGM.”. That goes to show how far Covid has required all of us to make major adjustments to the way we live and work,” O’Brien said. When the courier delivery was delayed for Covid-related reasons, the ACCR immediately notified FMG, O’Brien said. FMG News This page features the latest news about the Fortescue Metals stock. 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