Fortescue Metals Group said it would promote its chief financial officer, Elizabeth Gaines, to chief executive in a management reshuffle that comes as the miner is challenged by discounting of its main iron ore product.

■ 11月30日，FMG宣布對(duì)管理(lǐ)團隊進行調整：任命其首席财務官伊麗(lì)莎白(bái)·蓋恩斯擔任首席執行官。目前，FMG的經營因其主要鐵(tiě)礦石産品價格下(xià)跌而承壓。

■ Ms Gaines will replace Nev Power, who is to stand down as chief executive next February after seven years in the role. Julie Shuttleworth will become deputy chief executive.

■ 蓋恩斯女士（澳大(dà)利亞采礦公司曆史上(shàng)首位女性CEO）将在明(míng)年2月份接替目前已擔任首席執行官7年的潘納威（Nev Power），朱麗(lì)·沙特爾沃思(Julie Shuttleworth)将擔任副執行官。

■ Andrew Forrest, Fortescue’s chairman, said on Thursday that the appointments were made on merit and ability, rather than any gender guidelines. Fortescue is unusual in the mining sector for having a majority of female directors on its board in what remains a largely male dominated industry.

■ FMG主席安德魯·弗裏斯特(Andrew Forrest)表示，這(zhè)項任命是基于績效和(hé)能(néng)力做出的，與性别沒有關系。FMG董事(shì)會(huì)目前女性董事(shì)占有多數席位，這(zhè)在由男(nán)性主導的礦業領域不太常見。

■ Mr Forrest also signalled the company would embark on a strategy of diversification, with a focus on marketing higher grade iron ore and possibly mining other minerals. 

■ 弗裏斯特還透露，FMG公司将開(kāi)展多元化經營戰略，将焦點轉向高(gāo)品位鐵(tiě)礦石市場，還可能(néng)進入其他(tā)種類礦物的生産領域。

■ “In the future a majority of Fortescue’s production will be greater than 60 per cent iron content competing head to head in the higher grade markets,” said Mr Forrest. “This strategic target will be achieved through the Firetail replacement project without losing the company’s focus on minimum mine lives of 20 years.”

■ “未來(lái)，通過火尾礦（Firetail）項目，FMG生産的大(dà)部分産品的鐵(tiě)品位将超過60%，進入高(gāo)品位鐵(tiě)礦石生産商行列。而且，FMG耕耘達20年的低(dī)品位鐵(tiě)礦石項目也(yě)不會(huì)馬上(shàng)停運。”弗裏斯特說。據悉，2013年5月FMG宣布索羅門(mén)礦區(qū)第一階段開(kāi)發的火尾礦正式投運，該鐵(tiě)礦年産能(néng)2000萬噸，使該公司年産能(néng)達到(dào)1.15億噸。

■ Fortescue is working on options to replace its existing Firetail iron ore mine in the Pilbara, which would enable it to offer higher grade ore to customers that attracts higher prices. Fortescue’s main iron ore product has a 58 per cent iron content and is facing steep discounts.

■ FMG公司正在選擇其它項目以替代現(xiàn)有的皮爾巴拉地區(qū)的火尾礦鐵(tiě)礦項目，并以高(gāo)品位鐵(tiě)礦和(hé)較高(gāo)的價格進入市場。目前，FMG的主要産品58%品位的鐵(tiě)礦石的市場價格正面臨急劇(jù)的下(xià)跌。

■ In October Fortescue revised down its full-year guidance for the average price achieved for its 58 per cent iron ore fine product to a range of 70-75 per cent of the industry benchmark index, which is set at 62 per cent of iron ore fines. 

■ 10月份，FMG調低(dī)了(le)其年度58%品位鐵(tiě)礦精粉的指導價格至62%品位礦石市場基準價格的70%-75%。

■ Deutsche Bank said in a note this week export data for October and November suggested discounting was continuing and hitting exports of low grade iron ore, while higher grade ores were in strong demand. 

■ 德意志銀行在一則通知(zhī)中表示，出口數據顯示，10月和(hé)11月的價格下(xià)跌，持續打擊了(le)低(dī)品位鐵(tiě)礦石的出口，而高(gāo)品位鐵(tiě)礦石則需求強勁。

■ “Chinese port data shows BHP Billiton and Rio Tinto’s inventory is steady, whereas FMG’s has climbed. Low grade remains under pressure,” said Paul Young, an analyst at Deutsche.

■ “中國港口數據顯示，必和(hé)必拓和(hé)力拓的庫存保持穩定，FMG庫存上(shàng)升。低(dī)品位鐵(tiě)礦仍然有壓力。”德意志銀行分析師保羅·楊（Paul Young）說。

■ Mr Forrest said that Fortescue was tackling the issue of discounts, which he admitted had surprised the company. He said Fortescue had already had some success in marketing its existing iron ore product in Europe, although 95 per cent of its ore continued to be exported to China.

■ 弗裏斯特承認這(zhè)一情況出乎預料，他(tā)表示FMG正在應對(duì)價格降低(dī)的問題。他(tā)表示，FMG現(xiàn)有産品在歐洲的部分市場獲得了(le)成功，但(dàn)是其超過95%的産品向中國出口。

■ Fortescue is also evaluating opportunities to diversify into other minerals and has begun exploring for lithium and copper.

■  FMG公司也(yě)在評估進入其他(tā)礦産領域的機會(huì)，并已經開(kāi)始進行一些(xiē)锂礦和(hé)銅礦項目的勘探工(gōng)作(zuò)。

■ The management reshuffle at Fortescue will see director of operations, Greg Lilleyman, promoted to chief operations officer. The former Rio executive had been tipped as a candidate to replace Mr Power. Ian Wells, who works as group manager of corporate finance, will be appointed chief financial officer.

■ 管理(lǐ)團隊調整後，現(xiàn)任運營董事(shì)格雷格·利利曼(Greg Lilleyman) 将升任首席運營官。曾有消息稱，這(zhè)位力拓公司的前任高(gāo)管有望接替帕沃先生的職務。現(xiàn)任集團财務經理(lǐ)伊恩•威爾斯(Ian Wells)将被任命爲首席财務官。

■ When asked in a conference call if he would explore other opportunities, Mr Lilleyman said he was “going nowhere” and there were great opportunities at Fortescue.

■ 利利曼在一個電話(huà)會(huì)議(yì)中被問到(dào)是否在尋找其他(tā)的工(gōng)作(zuò)機會(huì)，他(tā)說，“哪兒也(yě)不去”，并表示現(xiàn)在FMG就有非常好(hǎo)的機會(huì)。

■ Fortescue Metals Group shares slipped 0.43 per cent to A$4.60 on Thursday.

■ FMG公司股價在上(shàng)周四下(xià)跌0.43% 至每股4.6澳元。

Fortescue's new CEO promises greater efficiency

FMG新CEO承諾提高(gāo)效率

■ Elizabeth Gaines takes the chief executive role at Fortescue Metals Group at a tricky time in its history.

■ 在FMG的曆史上(shàng)，伊麗(lì)莎白(bái)·蓋恩斯擔任CEO職務的時(shí)機非常微妙。

■ Under her predecessor, Nev Power, FMG smashed industry benchmarks for cost efficiency. It became a centre of excellence in the complex world of mining logistics.

■ 在她(tā)的前任潘納威的領導下(xià)，FMG的成本打破業界記錄，并在礦業物流領域保持了(le)領先地位。

■ Power made the company the industry leader in terms of shipping ore by rail and sea. It will soon do the same in trucks.Gaines says she will take FMG's costs to a new record low.

■ 在鐵(tiě)礦石的鐵(tiě)路和(hé)海上(shàng)運輸方面，潘納威使FMG公司成爲礦業的領軍企業，而FMG在卡車運輸方面也(yě)在迅速進步。而蓋恩斯表示，她(tā)将進一步降低(dī)FMG的成本至新紀錄的水(shuǐ)平。

■ But her bigger challenge is the company's response to China's growing demand for higher quality ore. Over the past year the discount for FMG's lower grade ore has widened considerably forcing analysts to downgrade future earnings.

■ 但(dàn)是她(tā)所面臨的更大(dà)挑戰，是如何應對(duì)中國對(duì)于高(gāo)質量鐵(tiě)礦石的需求。過去數年間，FMG低(dī)品位鐵(tiě)礦的價格折扣顯著加大(dà)，而分析師們也(yě)調低(dī)了(le)對(duì)未來(lái)收益的預測。

■ Earnings per share at FMG will decline in 2018 and 2019 and then plateau over the next three years, according to consensus earnings forecasts published by S&P Capital IQ.

■ 根據标普資本智商公司(S&PCapital IQ)公布的共識收益預測，2018年和(hé)2019年FMG的每股收益将下(xià)跌，随後将進入爲期三年的穩定階段。

■ Fortescue's chairman Andrew Forrest responds vigorously to any suggestion analysts' forecasts will be accurate.He says he keeps a note on his office wall from an analyst who predicted mining of the company's Solomon iron ore deposit would not start until 2018. In fact, it started operations in 2011.

■ FMG主席安德魯·弗裏斯特對(duì)于分析師的預測做出了(le)激烈的回應。他(tā)說在他(tā)辦公室的牆上(shàng)記錄了(le)一位分析師的預測——FMG的所羅門(mén)鐵(tiě)礦石項目2018年前将不會(huì)投産。事(shì)實上(shàng)，該項目2011年就開(kāi)始了(le)運行。

■ Nevertheless, the company is clearly responding to market concerns about the discount.

■ 不管怎樣，該公司正在清晰地應對(duì)市場對(duì)價格下(xià)跌的擔心。

■ On Thursday Forrest said the company would upgrade its production so that the majority was more than 60 per cent Fe grade ore. This would allow it to compete "head to head in the higher grade markets".

■ 上(shàng)周四(11月30日)，弗裏斯特表示，公司正在提升其生産能(néng)力，以期生産主要品位超過60%的礦石。這(zhè)将使公司能(néng)夠“直面高(gāo)品位礦石市場的競争”。

■ Gaines says it is the pinnacle of her career to be chosen as CEO of FMG which has reshaped its entire top management team following Power's departure.

■ 蓋恩斯說當選FMG公司的CEO是她(tā)職業生涯的高(gāo)峰。這(zhè)一次，在潘納威離職後，公司高(gāo)級團隊進行了(le)全面的調整。

■ Gaines should have a successful tenure as CEO of FMG provided the Chinese economy continues to grow at its current levels of around 6 to 6.5 per cent. FMG, which is generating about $1 billion in cash every half year, has a shareholder friendly 50 to 80 per cent payout ratio

■ 在中國經濟以每年6%-6.5%的速度持續上(shàng)漲的情況下(xià)，蓋恩斯應該能(néng)夠勝任FMG公司的CEO工(gōng)作(zuò)。FMG每半年的現(xiàn)金(jīn)收入爲10億澳元，對(duì)股東有良好(hǎo)的50%-80%的股息支付率。