It now expects adjusted earnings per share to come in at $5, significantly higher than the $3.75 it had forecast just three months ago and almost doubled the $2.90 it had originally projected for the year.
South Africa intends to suspend the granting of applications for prospecting and mining rights as well as any renewals pending a court case to review new mining laws, the Mineral Resources Minister Mosebenzi Zwane said on Thursday.
While the decision doesn’t ban Fortescue from continuing to operate the mines, it paves the way for the group to sue the company for hundreds of millions of dollars in compensation claims.