JOHANNESBURG (miningweekly.com) – Iron-ore mining company Fortescue Metals said on Thursday it had issued a further $500-million repayment notice for the 2019 senior secured debt term, bringing its total debt repayments for the 2016 financial year to $2.9-billion.
The latest repayment would generate an interest saving of $21-million a year, while total debt repayments for 2016 had lowered Fortescue’s yearly interest expense by $186-million, said Fortescue CFO Stephen Pearce.
“Cashflow generation from our operational performance and cost reductions have allowed Fortescue to continue to repay debt,” he added in a statement.
Edited by: Creamer Media Reporter
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