Fortescue Metals Shares Increase Over Possible Chichester Deal

Mining Weekly reported that Fortescue Metals (ASX:FMG) saw as boost in its share price following news that the Australia-based iron ore miners was considering a AU$2 billion deal over its Chichester hub in Pilbara.
As quoted in the market news:

It was reported that two State-owned Chinese entities were in separate talks with the iron-ore major. In response to the media speculation, the company said on Tuesday that, while there was no imperative, the company was open to commercial discussions with a range of groups on a regular basis, at the asset level.
However, the miner added that its position remained unchanged and that there was no deal on the table at this time. Like other iron-ore miners in Australia, Fortescue was battling severely depressed iron-ore prices and the company, in July, flagged $1.4-billion in cost cuts for 2016. This target was in addition to the $1.6-billion delivered cost savings targeted for between 2003 and the end of 2015.

Click here to read the full Mining Weekly report.