Fortescue appeals native title

Company News

by Kathy Skantzos

Fortescue (ASX:FMG) is appealing a Federal Court native title ruling that grants an Aboriginal group rights over an area of the Pilbara, which includes the miner’s Solomon Hub operations.

Fortescue’s CEO New Power said the company welcomes the recognition of the Yindjibarndi native title, but added the Federal Court decision relating to the exclusive possession poses potential implications for new investment in resources, agriculture and tourism.

Fortescue reiterated that the Court’s decision has no impact on the current and future operations or mining tenure at the Solomon Hub

The company added it does not anticipate any material financial impact to the business following the Court’s decision.

The miner has seven land access agreements with native title groups across the Pilbara, and has given jobs to over 1,200 Aboriginal people and nearly $2 billion in contracts to Aboriginal businesses.

Shares in Fortescue (ASX:FMG) closed 1.54 per cent higher to $4.62.
 

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.