FMG flags becoming player in ore price negotiations

The West Australian June 23, 2009, 1:30 pm

Fortescue Metals Group executive director Graeme Rowley has suggested the miner may consider becoming a player in future iron ore price talks.

Speaking at this morning's extraordinary general meeting, Mr Rowley said Fortescue remained a price taker, not a price setter.

However, he said that whether that changed in future years would be "something we would have to look at".

Shareholders at today's meeting overwhelmingly approved a series of resolutions, including the allotment of shares to Chinese partner Hunan Valin Iron and Bocimar International.

Shares issued to Bocimar were done so under a dispute settlement with the shipping company.

At the time of the settlement the shares were worth about $US28 million ($35 million)

Fortescue has similarly settled a dispute with another shipping company, Classic Marine, but others remain outstanding.

Mr Rowley said today the company had resolved about 60 per cent of its shipping issues.

"We are confident, either through arbitration or prior to arbitration, we should have some resolution," he said.

They also approved the issue of 600,000 incentive options to director Russell Scrimshaw.

PERTH

KATE EMERY

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