Fortescue says can meet debt target as long as iron ore above $70

Wed, 26 Mar - 12:12pm

MELBOURNE, March 26 (Reuters) - Fortescue Metals Group should be able to meet its target to pay off up to $5 billion in debt in calendar 2014 as long as iron ore stays above $70 a tonne, its chief executive told Reuters on Wednesday.

Iron ore prices are currently around $111, and some analysts have forecast that they would drop to around $100 this year due to a glut of new supply from Fortescue and its bigger rivals Rio Tinto RIO.AX and BHP Billiton .

(Reporting by Grace Li; Editing by Jeremy Laurence)

((Sonali.Paul@thomsonreuters.com)(+61 3 9286 1419)(Reuters Messaging: sonali.paul.thomsonreuters.com@reuters.net))

Keywords: AUSTRALIA FORTESCUE METALS/DEBT

URN: 
urn:newsml:reuters.com:20140326:nL4N0MN0IN:8
Topics: 
MET AU GB EUROP CMPNY PREC MINE ENR ASIA DBT LEN RTRS MIS MIN GDM WEU BMAT MTAL EUROPE MEMI STEE ENER

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