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Fortescue capitalises on iron ore surge

ASX-listed Fortescue Metals Group has decided to use the iron ore price rally to pay down another US$577 million of debt and bring down its cost base further.

Fortescue capitalises on iron ore surge Fortescue capitalises on iron ore surge Fortescue capitalises on iron ore surge Fortescue capitalises on iron ore surge Fortescue capitalises on iron ore surge

FMG’s CEO Nev Power has helped cut costs and deleverage the business over the past two-and-a-half years

The Perth-based miner, which has seen the price of 62% Fe iron ore rise 73% since the $37 per tonne low in December, has initiated a $577 million repayment of debt through a voluntary redemption

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