Australia's Fortescue slashes spending as iron ore rout bites
SYDNEY Nov 28 (Reuters) - Australia's Fortescue Metals Group, the world's No.4 iron ore miner, said on Friday it was halving its capital spending for the 2015 financial year to $650 million but kept its production guidance intact.
Iron ore miners have been grappling with a plunge in prices as economic growth and construction projects in top consumer China slow.
Fortescue, one-third owned by its billionaire founder Andrew Forrest, said it would cut spending by deferring some projects, reducing exploration and through other efficiencies.
Benchmark 62 percent grade iron ore .IO62-CNI=SI fell below $70 a tonne this month, from above $130 at the start of the year. (Reporting by Lincoln Feast; Editing by Himani Sarkar)
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