Fortescue Metals Group - a long-term hold

FSUMF as a long-term commodity play.

The information below was found at http://www.bloomberg.com/news/2010-10-14/fortescue-metals-reports-first-quarter-iron-ore-shipments-increased-7-7-.html

Fortescue said this week it had agreed a $2.04 billion loan to refinance debt in order to pursue expansions. Production will continue to operate at an annual rate of 40 million tons until February, when it will rise to 55 million tons, the company said.
The shipments beat company guidance “despite a number of scheduled major maintenance” shutdowns at the company’s port and the mine, Fortescue said in a statement. “Fortescue continued to diversify its customer base with three shipments made to new customers in Japan and Australia.”
The company has outlined plans to expand production to 155 million tons by fiscal 2014 through development of the Solomon and Western Hub projects, as well as a longer-term expansion to 355 million tons.