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2014 Annual Report First Ore on Ship

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2014 Annual Report First Ore on Ship THE PATHWAY FROM CONSTRUCTION TO PRODUCTION 2003 The dream begins 2004 Cloudbreak identified 2005 S&P/ASX 200 index 2006 Port Hedland groundbreaking 2008 Metals Limited Group Fortescue First ore on ship 2009 27 million tonnes shipped 2010 Christmas Creek expanded 2011 I Solomon construction begins Report 2014 Annual 2012 57.5mt shipped 2013 Firetail opened at Solomon 2013 80.9mt shipped 2014 Kings Valley project opened at Solomon 2014 155mtpa sustainable production 2014 ANNUAL REPORT ABN: 57 002 594 872 www.fmgl.com.au @FortescueNews 2014 CORPORATE DIRECTORY AWARDS Australian Business Number Stock Exchange Listings Awards ABN 57 002 594 872 Fortescue Metals Group Limited shares are listed 2014 Platts Global Metals Awards 2013 Australasian Institute of Marine Surveyors on the Australian Securities Exchange (ASX) – Metal Company of the Year – Ex cellence in the Application of Gears, Motors or ASX Code: FMG Drives with Metso Mining and Construction Directors 2014 Platts Global Metals Awards – Rising Star Award 2013 SAP Award of Excellence Andrew Forrest – Non-Executive Chairman Fortescue Share Registry – Best Run Development and Testing Technology Herb Elliott – Non-Executive Deputy Chairman 2014 Mines and Money Asian Mining Awards Platform Nev Power – Executive Director Link Market Services Limited – Project Development of the Year Graeme Rowley – Non-Executive Director Level 4 Central Park AustCham Westpac Australia China Business Awards Owen Hegarty – Non-Executive Director 152 St Georges Terrace 2014 Mines and Money Asian Mining Awards – Andrew Forrest Cao Huiquan – Non-Executive Director Perth WA 6000 – Deal of the Year Mark Barnaba – Non-Executive Director 2014 Women in Industry Geoff Raby – Non-Executive Director Locked Bag A14 2014 Gartner Asia Pacific Business Process – Excellence in Mining Award – Julie Shuttleworth Herbert Scruggs – Non-Executive Director Sydney South NSW 1235 – Management Excellence Awards Elizabeth Gaines – Non-Executive Director Phone: 1300 733 136 (Australia) WAITTA CIO of the Year Peter Meurs – Executive Director +61 2 8280 7603 (International) 2014 Australian Business Awards – Vito Forte Sharon Warburton – Non-Executive Director Fax: (02) 9287 0309 – Community Contribution Web: www.linkmarketservices.com.au 2013 Skilled DMC Chairman’s Award 2013 Financial Review CFO Awards – Damien Ardagh Company Secretary For any change in personal details, – Syndicated Loan of the Year please contact Link Market Services. 2013 CCI Apprenticeship Solutions Mark Thomas Worksafe Plan Gold Certificate (TPI) – Emplo yer Excellence Awards Outstanding Employer of Mature Age Apprentices and Trainees (large) Annual General Meeting Principal Registered Office in Australia 12 November 2014 Level 2, 87 Adelaide Terrace East Perth WA 6004 Finalist Awards Tel: +61 8 6218 8888 Fax: +61 8 6218 8880 Prefer email? Website: www.fmgl.com.au 2014 West Australian of the Year Award Business 2013 Chartered Institute of Purchasing and Supply Email: [email protected] There is a better way to access your information – Nev Power – Procurement Professional Awards and help the environment 2014 CMEWA Safety and Health Innovation Awards Best Example of Socially Responsible Procurement Auditor Every year we are required to communicate information – Finalist – Finalist to securityholders, including annual reports, notices PricewaterhouseCoopers of meetings and other advices. 2013 Procurement Leaders Awards 2014 Australasian Reporting Awards Level 15, 125 St Georges Terrace – Excellence Award – Bronze Medal Perth WA 6000 We believe everyone benefits from electronic security holder communication – securityholders receive prompt 2014 International Tetra Awards information and have the convenience and security of – Best Use of Tetra for Transport Internal Auditor electronic delivery, there are significant cost savings, and our communications are environmentally friendly. KPMG Please alter your communication preferences by logging 235 St Georges Terrace in via the Registry website: Perth WA 6000 www.linkmarketservices.com.au. Fortescue Metals Group Limited I 2014 Annual Report Fortescue Metals Group Limited I 2014 Annual Report OUR VISION Our vision is to be the safest, lowest cost iron ore producer OUR VALUES 1 Safety Family Empowerment Enthusiasm Determination Frugality Integrity Generating ideas Set yourself stretch targets Fortescue Metals Group Limited I 2014 Annual Report FY14 OPERATION HIGHLIGHTS August 2013 October 2013 Official opening of the fourth berth at Herb Elliott Port Surge bin increases outload capacity Port March 2014 February 2014 December 2013 2,000th ship berthed at Port Fifth berth commenced 300 millionth tonne construction shipped September 2013 November 2013 Robotic ore car maintenance facility opened 13th rake fully operational Rail 2 March 2014 March 2014 December 2013 10,000th train Hamersley Line train control Integrated train control completed system commissioned 2013 September 2013 Improved train load out performance - Benefits realised from enhanced processing capabilities less than 2.2 hours per train including the reduction of strip ratios Chichester Hub June 2014 Strip ratios at Cloudbreak and Christmas Creek averaged 3.2 for the June 2014 quarter, slightly below the five-year mine plan of 3.5 November 2013 November 2013 March 2014 Power station fully operational Kings Valley OPF first ore Official opening of Kings Valley project Solomon Hub July 2014 June 2014 First Kings Valley channel iron deposit (CID) mined 16 autonomous trucks in operation Fortescue Metals Group Limited I 2014 Annual Report CONTENTS 1013 Corporate directory About Fortescue 4 Where we operate 5 Chairman’s report 6 Chief Executive Officer’s report 10 Operations report 14 Reserves and resources report 18 Corporate social responsibility 25 Corporate governance 54 Financial report 73 Directors’ report 74 Remuneration report 98 Auditor’s independence declaration 120 Independent auditor’s report to the members 121 Directors’ declaration 123 Financial statements 124 Shareholder information 170 Tenement report 171 Fortescue Metals Group Limited I 2014 Annual Report ABOUT FORTESCUE Fortescue Metals Group is the world’s fourth largest producer of iron ore, having started as a vision just over a decade ago. Fortescue discovered world-class deposits in the It operates the fastest and heaviest haul rail network Pilbara’s Chichester Range and Hamersley Range, in the world, where every day 14 trains, and set about redefining the iron ore industry. each 2.7 kilometres long, transport about 33,000 Construction began at its first mine, Cloudbreak, tonnes of ore per train from mine to port. Fortescue’s in 2006 while work also started on a 256 kilometre efficient port operations shipped 124.2 million tonnes railway from Cloudbreak to Port Hedland and on world- in Financial Year 2014 and the company is targeting class facilities at Herb Elliott Port. Two years later, and 155 to 160 million tonnes in FY15. only five years after the company was formed, Fortescue shipped its first cargo of iron ore bound for China. Fortescue is now focused on maximising throughput, bringing down costs, paying back In 2014, Fortescue completed a US$9.2 billion debt and increasing shareholder value with the expansion ahead of schedule increasing its capacity to aim of being the safest, lowest cost, most profitable 155 million tonnes per annum. The company has now iron ore producer in the world. built four mines across its two operating hubs – Chichester and Solomon. t 4 FY14 HIGHLIGHTS Ore shipped 54% EBITDA1 US$bn 58% 124mt 5.6 81mt 3.6 58mt 2.7 3.0 40mt 41mt 1.1 FY10 FY11 FY12 FY13 FY14 FY10 FY11 FY12 FY13 FY14 Revenue US$bn 45% Net profit after tax US$bn 57% 11.8 2.7 8.1 1.7 6.7 1.6 5.4 1.0 3.2 0.6 FY10 FY11 FY12 FY13 FY14 FY10 FY11 FY12 FY13 FY14 Net debt2 US$bn 32% C13 US$/wmt 23% 10.5 48 7.2 44 44 6.2 31 34 2.2 1.7 FY10 FY11 FY12 FY13 FY14 FY10 FY11 FY12 FY13 FY14 1 EBITDA = profit before income tax adjusted for depreciation and amortisation, asset write- 2 Net debt = debt + cash and cash equivalents offs, exploration, development and other write-offs, net finance costs and gain or loss on 3 C1 = costs of mining, processing, rail and port per wet metric tonne refinancing (refer page 89 reconciliation). (refer page 85 reconciliation). Fortescue Metals Group Limited I 2014 Annual Report WHERE WE OPERATE 5 Fortescue is the world’s fourth largest iron ore producer 2013 Firetail Mine 2013 Kings Valley Project in construction Fortescue Metals Group Limited I 2014 Annual Report CHAIRMAN’S REPORT 6 Chairman Andrew Forrest and CEO Nev Power at the official opening of the Kings Valley project at the Solomon Hub I am delighted to introduce Fortescue’s 2014 annual report. The past year marked a significant milestone in Fortescue’s evolution by cementing our hard earned status as the new force in iron ore and placing us on track to becoming the force in the global iron ore industry. These achievements stand as testament to the hard work, the completion of the expansion, our gaze was drawn to determination and faith of the Fortescue family in the an enormous banner draped against the ore processing shared ambition of building our company into one of the facility. Four words encapsulated a journey that began world’s leading mining groups. It is an achievement of around my kitchen table 11 years ago: Turning Vision into which the Board of directors, on behalf of all stakeholders, Reality. And there at Kings Valley we took a moment to are very proud. revel in what we had achieved and pay tribute to those who believed in our vision: our wonderful employees, Our team has proved their courage to defy the odds, our contracting partners, our local communities, our to prove their detractors wrong, time and time again. customers and our shareholders. Together, we had the Your company, dear fellow shareholder, has earned courage to pursue what many people mocked and for its reputation of translating vision into reality. There that, I thank you.
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