Fortescue Metals Group Limited (FMG, formerly Allied Mining & Processing Limited) is a minerals exploration and development company with interests primarily in iron ore in Western Australia. The company is mainly focused on the development of the Pilbara Iron Ore Project.

FMG strategy is to optimise its projects and maximise shareholders value. Activity is focused on two key areas: constructing a Pibara to Port Hedland railway and exploring for iron ore on its tenements within Pilbara area of WA. FMG is focused on designing, financing and construction of rail and port facilities to support the development and sale of the Pilbara's stranded iron ore bodies. Its philosophy is an open third party access regime for other mining users, as espoused by the Government. This business has been spun-off as a separate legal entity called The Pilbara Infrastructure Pty Ltd, and will focus on its role as the transport and logistics provider to the Pilbara region. FMG will remain focused on the task of developing the mining operation and ultimately marketing the end product. Mine is scheduled for commissioning in early 2008.Fortescue Metals Group reported net loss of $68.43m for the year ended 30 June 2007, compared to a loss of $2.15m in the pcp. Revenues from continuing operations were nil, no change from pcp. Diluted EPS was (26.25) cents compared to (0.96) cents last year. The net operating cash outflow was $1.43bn, compared to an outflow of $129.11m in the pcp. No dividend was declared.

30/06/07

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