|Day's range||4.99 - 5.08|
|52-week range||3.99 - 7.27|
|PE ratio (TTM)||8.38|
|Dividend & yield||0.26 (6.67%)|
|1y target est||N/A|
Australia's Fortescue Metals on Tuesday opened the door to joint ventures and other investment deals with the world's biggest iron ore producer Vale under an agreement aimed at serving Chinese customers. As iron ore prices jumped a record 19 percent overnight on the prospect of more Chinese stimulus, Fortescue Metals Group said it had entered into a non-binding memorandum of understanding with the Brazilian giant. "(It) will allow us to work together to deliver long-term value to our customers, through the efficient supply of an attractive and competitive new iron ore blend in China," Fortescue chief executive Nev Power said.
Shares in Australian iron ore giant Fortescue Metals jumped more than 10 percent on Tuesday on speculation that two of China's largest companies are poised to pump money into the struggling miner. Fortescue is one of the world's four big iron ore exporters, along with Australia's BHP Billiton and Rio Tinto, and Brazil's Vale, but has been battling slumping prices for the steel-making commodity. The Australian Financial Review reported that China's largest steelmaker Baosteel and its biggest conglomerate CITIC had held talks with Fortescue about an investment to help shore up its balance sheet.