FMG

Fortescue Metals (ASX:FMG) is raising US$1.5 billion in junk bonds to fund their expansion in iron ore operations in Western Australia to 155 million tons per annum (mtpa).

The securities issued by FMG are eight year notes at 8.25 percent interest and are callable after four years. The amount was raised by a subsidiary: FMG Resources (August 2006) Pty. Ltd. The previous expansion to 55 mtpa was completed in June 2011.

Fortescue Metals (ASX:FMG) is undaunted in the face of a possible fall in iron prices as it says it is on track to meet expansion targets.

Chief executive Nev Power said iron ore prices was at its highest during the three months to September, then softened late in the quarter.

Next week on September 5, 2011, EGMs are on a rebound as seven companies will convene. upcoming ex-dividends are still on a roll with 41 stocks, but there is only one company scheduled to float.

Dividends

Fortescue Metals (ASX:FMG) chief Nev Power expressed his disappointment with the company's share price and is out to boost this price by ending scepticism.

Power said the price will rise when the sceptics have heard the iron ore miner's story. While he believes that the share price did well, he said it should have done better.

Newly minted Fortescue Metals (ASX:FMG) chief executive New Power is aligning himself with businesses against the Gillard government's handling of the economy.

He said the government should not focus on taxation alone, but it should also raise revenue through growth.

Fortescue Metals (ASX:FMG) and US equipment titan Caterpillar have teamed up to use automation at the miner's proposed Solomon iron ore mine. The two companies signed the agreement yesterday, with the participation of a Caterpillar dealer, WesTrac.

Fortescue Metals (ASX:FMG) outgoing chief Andrew Forrest has vented his ire over carbon tax with a warning that the company will launch a High Court challenge if the government green lights the proposal in its current incarnation.

Forrest said that the mining tax was "economic vandalism" and unconstitutional. He said that the legislation favoured the three bigwig miners who can best afford to pay the tax: Rio Tinto, Xstrata and BHP Billiton.

Fortescue Metals (ASX:FMG) incoming chief executive Nev Power is focusing on China for expansion of the company's Pilbara base.

Although Power stressed that the miner would provide ore to China, supporting its economic growth, plans to diversify beyond that country are in the works.

He called South America and Africa "fantastic places" and said that "we would look very carefully to understand the sovereign risk and understand the safety of our people."

Fortescue Metals' (ASX:FMG) ignores a motion to stop the company from outsourcing its sub-editing work. The Greens motion was passed in the NSW Upper house today, calling on Fairfax to abandon its plans that lead to 82 job cuts.

"We're a public company and we will make our own decisions as to how we run our business," Fairfax Media’s general manager of investor relations, Frank Sufferini said. "(The decision) has been made and it's not going to be changed."

Fortescue Metals' (ASX:FMG) chief executive Andrew Forrest steps down. COO Nev Power will take over his role as Forrest becomes chairman at the next board meeting on August 18.