CEO Says Fortescue Not Interested in Wesfarmers Coal

The CEO of Fortescue Metals Group has denied reports that the company is looking to diversify into coal, specifically rejecting interest in acquiring coal assets from Westfarmers. Despite speculation, the CEO clarified that metallurgical coal and iron ore are in the same market, thus not representing diversification. Fortescue's current focus is on repaying debt over the next 12 to 18 months.

What was the initial speculation about Fortescue's business strategy?

• Fortescue was planning to enter the coal market.

• Fortescue was planning to exit the iron ore market.

• Fortescue was planning to merge with a competitor.

• Fortescue was planning to expand into renewable energy.

What did Fortescue's CEO say about the relationship between iron ore and metallurgical coal?

• They are unrelated to Fortescue's interests.

• They are both declining in demand.

• They are part of the same market.

• They are completely different markets.

What is Fortescue's primary focus for the next 12 to 18 months?

• Expanding into new markets

• Acquiring new assets

• Increasing coal production

• Repaying debt