Fortescue Metals Group's (ASX:FMG) shares are 5.4% higher intra-day today at $2.15 after investors digested the company's quarterly production report for the period to December 2014.
The stock is though still well done from its twelve month high of $6.22 following a collapsing iron ore price.
Last November Andrew "Twiggy" Forrest put his hard earned on the line - and it was a big line - snapping up four million shares in the company he founded at a price of $2.75 a share.
This line of shares on paper is currently $2.4 million under water.
Fortescue’s December quarter 2014 details
- 41.1mt shipped for the December 2014 quarter, 164 million tonnes per annum (mtpa);
- US$28.48/wmt C1 cost, a further 11 per cent improvement from the prior quarter;
- US$25-26/wmt C1 cost guidance for second half FY15;
- US$41/wmt total delivered cost for the quarter reducing to US$35/wmt based on second half guidance (including C1, shipping, royalties and overhead costs);
- Realised price (CFR) US$63/dry metric tonne (dmt) from an average 62% Platts CFR index of US$74/dmt;
- Capital guidance halved to US$650 million with a focus on working capital and cash management;
- Cash on hand at 31 December 2014 was US$1.6 billion; and
- US$500 million voluntary debt repayment completed during the quarter reducing gross debt to US$9.1 billion.
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