Fortescue Metals Group Limited
(ASX:FMG) has moved closer to gaining access to BHP Billiton Limited's
(ASX:BHP) and Rio Tinto Limited's
(ASX:RIO) Pilbara rail network after winning an appeal in the High Court of Australia.
The iron ore miner has welcomed the decision to overturn a ruling by the Australian Competition Tribunal restricting access to Rio Tinto's railways and prohibiting access to a BHP Billiton railway.
Fortescue says it is now confident the Australian Competition Tribunal will declare the relevant railways for third party access, which is believes will in turn will help smaller miners to develop deposits without having to double up on infrastructure.
Fortescue has also advised the decision does not affect its current expansion plans which utalise the miner’s existing rail infrastructure.
Shares in Fortescue Metals Group were placed in a trading halt at the end of the last week, as it prepare a statement on its current debt situation, and last traded at $2.99.
Fortescue recorded a net profit of $1.5 billion in the 2012 financial year.
