Fortescue not feeling pressure to raise $1bn quickly

<p>Fortescue Metals chief Andrew Forrest said the prospective iron ore miner was in no hurry to complete its ambitious $1bn capital raising before its first shipment in May next year.</p> <p>Fortescue has raised about $500m to help it bolster its mine, rail and port project to 200mtpa.</p> <p>Mr Fortescue said the rapid expansion was still on track, but said it was unlikely any more capital would be raised before the first iron ore shipment next year.</p> <p>Fortescue shares hovered at $36 when it passed the halfway mark in its $1bn target in July, but have since dropped under $29 a share.</p> <p>The company’s shares have rebounded $3 to $32.42 this week.</p> <p>Mr Forrest said there was &#8220no pressure at all&#8221 on Fortescue to raise all the capital in a hurry.</p> <p>The market would be left to run its course, he said.</p> <p>Mr Forrest told the Diggers and Dealers conference in Kalgoorlie &#8211 where Fortescue won &#8220Dealer of the Year&#8221 &#8211 that he admired the way his management team had kept down infrastructure costs.</p> <p>Construction of the 260-km rail line, connecting the Chichester Range mine to Fortescue’s shiploading facilities at Port Hedland, was still on a tight schedule following weather delays in the first half of the year.</p> <p>The project will initially produce 45mtpa, increasing to 55m ahead of a targeted 100mtpa rate by 2009&#4710.</p> <br />