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FMG chief executive Nev Power. Picture: Steve Ferrier/The West Australian.
FMG chief executive Nev Power. Picture: Steve Ferrier/The West Australian.

Fortescue Metals Group chief executive Nev Power has issued an upbeat outlook for iron ore prices, telling shareholders at the company's annual general meeting that metal prices appeared to have stabilised in the short term.

Though Mr Power said the company believed there may be more short term price volatility still to come, he said Fortescue believed the current $US120/t trading range for iron ore prices was "sustainable" in the medium term.

Dramatic falls in iron ore prices in July and August forced Fortescue to slash staff and pull back on its expansion plans.

Mr Power said the company was still on track to make a decision on whether to restart construction work at its 40 million tonnes per year Kings deposit by the end of the year.

Speaking to journalists after the meeting, Mr Power said Fortescue was still in the hunt for buyers for some of its non-mining infrastructure assets, but would not me drawn on a timeline for potential sales.

Fortescue's remuneration report drew a 16 per cent protest vote, though that was well short of the level needed to deliver a "first strike" against the company.

Fortescue shares closed up three cents at $4.

The West Australian

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