Fortescue reduces capital expenditure guidance by half

Australia-based miner Fortescue Metals Group Limited has announced that it has revised its projected total financial year 2014-15 capital expenditure to US$650 million, down from the previous guidance of US$1.3 billion.
 
The company has maintained its production guidance for the financial year 2014-15 at 155 million to 160 million mt, with a continued focus on maximizing production through Fortescue's existing mines and infrastructure.
 
Additionally, Fortescue will continue with orders for very large ore carriers (VLOCs) ships, with the majority of payments due on delivery scheduled to commence from August 2016. Fortescue continues to investigate alternative ownership and funding opportunities for the VLOCs.