Fortescue inks additional iron ore sales agreements

Australia's Fortescue Metals Group Ltd announced additional sales agreements with three steel producers. In line with the deals, Fortescue will supply additional 3 million tons of iron ore annually. The agreements will remain in effect for a 10-year period. The counterparties are China based; however their names are confidential. With these sales agreements, Fortescue's annual supplies from the beginning of its current fiscal year reach 39.5 million tons, accounting 88 percent of the company's initial planned production of 45 million tons for the current fiscal year.