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    FMG   AU000000FMG4

FORTESCUE METALS GROUP LIMITED

(FMG)
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Fortescue Metals Group Limited : Fortescue acknowledges High Court decision

08/07/2013 | 02:33am EDT


7 August 2013
The Companies Officer Australian Stock Exchange Exchange Plaza
2 The Esplanade
Perth WA 6000
Dear Sir

FORTESCUE ACKNOWLEDGES HIGH COURT DECISION

Fortescue Metals Group Ltd (ASX: FMG, Fortescue) is disappointed by today's decision by the High Court of Australia to uphold the MRRT.
Fortescue Chief Executive Officer Nev Power said: "Fortescue challenged the MRRT because it was an unreasonable intrusion into an area of state responsibility and that it was also an unfair, discriminatory and complex tax. We're disappointed by today's decision."
Mr Power said Fortescue and the mining industry already pays more tax than other sectors taking into account company tax and state royalties. "Fortescue expects to pay
$1.5 billion in company tax and royalties this financial year rising to $2 billion in the years ahead."
Mr Power thanked Fortescue's legal team, Peter Huston, David Jackson QC, Brahma Dharmananda SC, William Edwards and Corrs Chambers and premiers Colin Barnett and Campbell Newman whose states, Western Australia and Queensland joined in the action, and their solicitors general Grant Donaldson SC and Walter Sofronoff QC who made submissions at the hearing.
Mr Power also acknowledged and thanked The Hon Tony Abbott MHR, Leader of the Opposition, and the Coalition who have stood by the mining industry with their promise to repeal the MRRT.
The ill-conceived introduction of the MRRT, without proper industry consultation has resulted in an unfair and administratively burdensome and inefficient tax. Fortescue's objections have been borne out by the very low revenue collected by the tax. Fortescue has already incurred compliance costs of between $3 and $5 million and given the complexity of the tax expects industry to continue to incur significant compliance costs.

Yours sincerely

Fortescue Metals Group Mark Thomas

Company Secretary

Media contact:

Yvonne Ball

Mobile: +61 (0) 417 937 904

Email: yball@fmgl.com.au

Fortescue Metals Group Limited ABN 57 002 594 872 ACN 002 594 872 ADDRESS Level 2, 87 Adelaide Terrace, East Perth, Western Australia 6004 TEL +61 8 6218 8888 FAX +61 8 6218 8880 EMAIL fmgl@fmgl.com.au
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© Publicnow 2013
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Financials (USD)
Sales 2022 17 883 M - -
Net income 2022 7 144 M - -
Net Debt 2022 762 M - -
P/E ratio 2022 4,78x
Yield 2022 16,1%
Capitalization 32 869 M 32 902 M -
EV / Sales 2022 1,88x
EV / Sales 2023 2,39x
Nbr of Employees -
Free-Float 50,9%
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Mean consensus HOLD
Number of Analysts 18
Last Close Price 10,68 $
Average target price 12,22 $
Spread / Average Target 14,4%
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Managers and Directors
Elizabeth Anne Gaines Chief Executive Officer & Executive Director
Ian Wells Chief Financial Officer
John Andrew Henry Forrest Chairman
Fernando Pereira Director-Operations & Pilbara Operations
Mark Bradley Barnaba Deputy Chairman
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