Fortescue Metals Group (FMG) is an iron ore miner, with operations located in the lucrative Pilbara iron ore province in Western Australia.

The company is the third biggest iron ore miner in Australia behind BHP Billiton (ASX:BHP) and Rio Tinto (ASX:RIO) – two of the market’s leading blue chip stocks.

On 1 June, FMG CEO Andrew Forrest announced plans to step down from his role on July 18.

Forrest, who founded FMG in 2003, will assume the new role of company chairman at the board’s next meeting on August 18.

Chief Operating Officer Nev Power will become the new FMG CEO upon Forrest’s exit.

Separately FMG said it is targeting an annual iron-ore production rate of 155 million tonnes by mid-2013.  FMG was previously aiming to achieve the milestone by 2014.

The group said key contracts are in place and the strong price of iron-ore has provided it with the means to grow capital spending.

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