FORTESCUE CUT COSTS TO PRODUCE IRON ORE AT US$ 15

Fortescue Metals  chief executive Nev Power says the miner can beat the world's lowest cost iron ore producers  BHP and Rio on cash costs.   

Fortescue made better-than-expected progress on cash costs, in a strong September quarter, cutting them to $US16.90 from the June quarter's $US22.16. On Thursday it lowered its cash costs target to $US15 a tonne for the current year,