FMG to dig its hole deeper

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From The Australian:

Just in case things weren’t clear enough after Fortescue’s (FMG) quarterly production report this morning, CEO Nev Power spells it out on the conference call: Fortescue has no intention of cutting mine production, has no intention of mandating banks for an asset sale, and its not actively pursuing the sale of stakes in any assets.

Dig all the way to China for bailout! Not that anyone is listening to me today:

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.