Shares in iron ore production and exploration company Fortescue Metals Group Limited (ASX: FMG) have notched up a 0.7% gain to $4.83 in early morning trade off the back of a presentation at the Morgan Stanley finance conference.
Fortescue's focus remains on building its market share as a core supplier to the Chinese market with 1 billion tonnes shipped to China as Fortescue holds its own against big players like Rio Tinto Limited (ASX: RIO) and BHP Billiton Limited (ASX: BHP) in the space.
UBS last month placed a buy rating on Fortescue with a price target of $5.75, after Fortescue announced plans to transform its Eliwana operation.
Fortescue's first half results looked promising, with NPAT of US$681 million, US$892 million cash on hand and underlying EBITDA of US$1.8 billion.
Its strategy looks focused on further establishing its market share of imported iron ore to China, while undertaking exploration on potential copper, gold, and lithium deposits in Australia and South America.
