FORTESCUE METALS (FSUMF US $3.17; NEUTRAL; price target lowered from $5.75/share to $4/share) NEAR TERM PRODUCTION DELAYS and HIGHER ESTIMATED OPERATING COSTS HURT ESTIMATED EARNINGS and HAMPER ESTIMATED CASH FLOW 9/5/2012

FORTESCUE METALS (FSUMF US $3.17; NEUTRAL; price target lowered from
$5.75/share to $4/share) NEAR TERM PRODUCTION DELAYS and HIGHER
ESTIMATED OPERATING COSTS HURT ESTIMATED EARNINGS and HAMPER
ESTIMATED CASH FLOW 9/5/2012