Australia's third-largest miner Fortescue Metals Group Ltd (FMG) chief executive Nev Power said at a business luncheon in Sydney on Thursday, short-term price of iron ore will also fell sharply. He said that iron ore prices will not rebound before the return to growth in China's iron and steel industry production.
Nev Power said: "We expect the price of iron ore will be a dramatic decline, and will then return to the price of 120 U.S. dollars / ton over the past two months, iron ore prices plummeted 33 percent, has come down to per ton the $ 90 level, the lowest price since November 2009.
Nev Power said that iron ore prices continued to fall, the company will consider other investment options. He said that, taking into account the current world economic situation and commodity market conditions, the company will no longer consider debt investment. In addition, he also ruled out the possibility of recently issued bond financing.
Nev Power said: "In the present case, liability management is unwise and dangerous."
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