Rio Tinto ready to build Simandou after almost 30 years of setbacks
Simandou has faced delays due to legal disputes, political changes, and the challenges of building a 600 km rail and port infrastructure.
MELBOURNE, Feb 21 (Reuters) – Australia’s Fortescue Metals Group reported a 44 percent drop in first-half profit, hit by weak prices for its lower quality iron ore, and said it remains focused on cutting costs, including lining up cheaper debt.
The world no.4 iron ore miner’s net profit for the six months to December fell to $681 million from $1.22 billion a year earlier. Three analysts on average had expected net profit of $610 million.
It cut its interim dividend to A$0.11 a share, down from A$0.20 a year ago.
(Reporting by Sonali Paul)