June 19, 2013

Australian miner Fortescue halts share trading

BY: AP Staff Writer SEPTEMBER 13, 2012 | MODIFIED: SEPTEMBER 13, 2012 AT 10:30 PM
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SYDNEY (AP) — Australian miner Fortescue Metals Group has stopped trading its shares until Tuesday amid media speculation about stretched finances caused by falling iron ore prices.

Fortescue said in a statement it requested the move Friday because the company "remains concerned about continued rumors and speculation in respect of its bank-related facilities."

The company says discussions with its banks have progressed significantly and that "it is in the best interests of shareholders to halt trading."

Fortescue shares fell almost 14 percent to 2.99 Australian dollars ($3.15) on Thursday after The Australian Financial Review newspaper reported the miner had asked its lenders to waive its debt covenants for the next 12 months.

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