Fortescue signs additional iron ore sales agreements

Australia's Fortescue Metals Group Ltd announced additional sales agreements with six steel producers. In line with the deals, Fortescue will supply a total of 6.4 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 36.4 million tons, accounting 81 percent of the company's initial planned production of 45 million tons for the current fiscal year.