PERTH (miningweekly.com) – Iron-ore major Fortescue Metals has refuted claims that it is bidding for ASX-listed Wesfarmers' Curragh coal assets, in Queensland.
Wesfarmers in November 2016 announced that it was evaluating “strategic options” for both of its coal assets in Queensland and New South Wales, with the miner reportedly placing a price tag of A$2-billion on the assets.
Media reports last week suggested that Fortescue had made a play for the 8.5-million-tonne-a-year metallurgical and 3.5-million-tonne-a-year thermal coal operations.
However, the miner on Monday said the reports were incorrect.
“We are focused on debt repayment and capital flexibility, investment in the long-term sustainability of our core iron-ore assets, creating low-cost future growth options and delivery of returns to our shareholders,” the company said in a statement.