Fortescue Metals Group Limited (ASX:FMG) CEO Nev Power has dismissed concerns the iron ore market will collapse and affirmed the market is still strong.
According to The Australian, Mr Power believes there is no prospect iron ore prices will fall from about $US140 per tonne to under $US80 per tonne by 2016 as some have predicted.
Mr Power also reportedly has forecast iron ore prices will trade within a range of between $US120 and $US150 in the short term.
The comments came on the same day Fortescue announced it had upsized its capital raising to $US2 billion as part of its plans to boost production to 155 million tonnes per annum by 2013.
Fortescue Metals posted a net profit of $789 million in the first half of its 2012 financial year.
