FortescueMetals Group Ltd. is planning to part ways with its explorationrights for lithium following a strategic review of the company's holdings inPilbara, Western Australia, TheAustralian reported July 21.

CEO Nev Power said the company intends to focus on its corebusiness of iron ore and make sure that it was "the safest, lowest -costand most profitable that it can be."

In June, Moody's upgraded the outlook on Fortescue's credit rating tostable following news that the company is planning to repay a further US$500million off its debt bill.