PERTH (miningweekly.com) – Iron-ore miner Fortescue Metals would repay $577-million in debt through after issuing voluntary redemption notices to holders of 2019 notes.
“This debt repayment delivers on our sustained commitment to reduce all-in costs, further generating strong cash flows and continuing to reduce our debt,” said CEO Nev Power on Wednesday.
The notes would be redeemed in full from accumulated cash on hand, and was expected to generate additional interest savings of at least $48-million a year.
Over the last 12 months, Fortescue has repurchased some $1.7-billion in debt, with the company’s total debt repayments in the last two-and-a-half years now exceeding $4.8-billion.