Response to AFR article
We dispute the contents of the J Capital report.
Suggestions Fortescue is holding stocks of iron ore at Chinese ports are absolutely incorrect. Fortescue sells its iron ore directly to customers. J Capital’s view on our repayments is also incorrect.
We will make a voluntary debt repayment of US$500 million in October, taking total debt repayments to US$3.6 billion in less than 12 months. We committed to the latest repayment given the strength of our balance sheet, approximately US$2.5 billion of cash on hand and significant underlying cash from operations.
Fortescue's delivered cost to China for the six months to June 2014 was US$50 per wet metric tonne.