Portman said today it is increasing its contract iron ore prices in line with the price hikes announced by Rio Tinto this week.
Portman which produces about 8 million metric tonnes of iron ore a year, said it has advised its existing Chinese customers that its iron ore fines price will rise by 79.88 per cent and its lump price by 96.5 per cent, in line with the prices struck by Rio Tinto with Baosteel on Monday. The Perth-based miner is 80.5 per cent owned by US iron ore miner Cleveland Cliffs. The company also announced today it has completed its off-market share buyback at a cost of $143.3 million.
The company purchased 9.8 million shares from investors at a price of $14.66 each, representing a 14 per cent discount to the average share price in the five days after the buyback was announced on May 21, Portman said in a statement.
Source: The Australian
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