2323 GMT - The delay in ramping up Fortescue's Iron Bridge project to nameplate capacity disappoints Macquarie analysts, who expect little cost relief from the miner pushing out its production target. "FMG carries a large fixed-cost base at Iron Bridge," the analysts say in a note. "Therefore, we assume the volume cuts flow directly to the bottom line." However, they take a positive view on executive changes, which appear to indicate a refreshed focus on the metals business, they say. "One of our criticisms on FMG's 'FFI' strategy has been it's non-adjacency and limited grounds for genuine competitive advantage," say the analysts. "This move further aligns decarbonization and mining, potentially driving efficiency in operational decarbonization and green steel efforts." Macquarie has a "neutral" rating and A$15.00 target on Fortescue, which ended Thursday at A$15.89. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
May 22, 2025 19:23 ET (23:23 GMT)
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