Fortescue clears up Wesfarmers’ M&A rumours

Iron ore giant Fortescue Metals has quashed rumours that it is bidding for Wesfarmers’ Curragh mine, following speculation that it had its eyes on the Queensland asset.

Instead the company said it was focused on debt repayment, capital flexibility and investing in its core iron ore business, including in new deposits in the Pilbara and greenfield exploration around the world.

However, when quizzed last week Mr Power refused to rule out the possibility of major new acquisitions:

“We are nothing if not opportunistic and we will be constantly scanning the market for opportunities in any commodities and any country that we think has got good prospects.”