Tag: Nev Power

FMG’s third chief executive Elizabeth Gaines. All images: FMG.   BY ELIZABETH FABRI   THE resignation of Fortescue Metals Group (FMG) long-term boss Nev Power in February marked the end of an era for the iron ore giant. But it hasn’t taken long for new chief Elizabeth Gaines to begin paving a legacy of her own, as FMG diversifies into new markets and commodities, and advances its $US1.275billion Eliwana project.   Less than six months since her promotion from chief financial officer to chief executive, Elizabeth Gaines has settled well into the FMG driver’s seat. When announced as Nev Power’s replacement back in November, it was clear Ms Gaines had some big shoes to fill – who can forget Mr Power’s...

FMG’s cost reduction measures have realised a turnaround in annual finance results. By Cameron Drummond IRON ore producer Fortescue Metals Group (Fortescue) announced a 12c per share dividend on the release of its full year financial results on 22 August. The company posted an after tax profit of $US985 million for FY16, a 212 per cent rise from $US316m in FY15. Fortescue’s underlying earnings before interest, tax depreciation and amortisation (EBITDA) increased 48 per cent from $US2 billion the year before to $US3.2bn. A 29 per cent year-on-year drop in revenue of $US7.1bn was countered by improved C1 operating costs averaging $US15.43 per wet metric tonne (wmt); a 43 per cent reduction from FY15. The company said the numbers reflected...