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Fortescue to launch A$500M on-market share buyback

Fortescue Metals Group Ltd. will launch a 12-month on-market share buyback of up to A$500 million, after its fiscal first quarter results on Oct. 25.

CEO Elizabeth Gaines said in an Oct. 11 release that the buyback is consistent with the company's business strategy of "investing in our core iron ore business, while pursuing growth and development and delivering returns to our shareholders."

"With our continued strong operating performance and new investments under way, the purchase of our own shares, funded out of operating cash flows, maintains our disciplined balance sheet management," Gaines added.

The timing and number of shares purchased will depend on Fortescue's share price and market conditions.