Australia's Fortescue slumps as CMRG contract talks risk operations
Yesterday 01:43
BUZZ-Australia's Fortescue slumps as CMRG contract talks risk operations ** Shares of Australia's Fortescue FMG.AX fall as much as 2.3% to A$14.910, their lowest since June 26
** Stock logs its steepest intraday drop since October 13
** The iron ore miner says if negotiations with CMRG over supply contracts and price negotiations are not concluded by calendar year-end, operations may be affected
** Fortescue reaffirms its FY27 outlook for iron ore shipments, C1 unit cost for hematite and metals capital expenditure
** FMG posts Q1 iron ore shipments of 46.8 million metric tons, lower than 49.7 million metric tons shipped a year ago
** Stock down 32.1% YTD, including the session's moves
(Reporting by Keshav Singh Chundawat in Bengaluru)
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