FMG unveils buy-back

FORTESCUE Metals Group has launched a A$500 million on-market share buy-back.

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FMG CEO Elizabeth Gaines

The program will kick off later this month and remain in place for up to 12 months.

"The share buy-back program is a natural extension of our capital allocation focus which has now clearly shifted from debt reduction following the rapid de-gearing of the balance sheet and the successful execution of our capital management strategy," FMG CEO Elizabeth Gaines said.

"With our continued strong operating performance and new investments underway, the purchase of our own shares, funded out of operating cashflows, maintains our disciplined balance sheet management.

"This is consistent with our clear business strategy of investing in our core iron ore business while pursuing growth and development and delivering returns to our shareholders."

FMG had US$863 mill...

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