Chinalco not considering Fortescue buy

Shares in Fortescue Metals Group (FMG) have plunged, after the Chinese state-owned company Chinalco reportedly said it is not looking at buying the Western Australian-based company.

Chinalco reportedly says it is not considering any iron ore projects and is more likely to return its focus to base metals, such as copper and aluminium.

FMG shares are down almost 10 per cent at $3.67.

Meanwhile, Fortescue is also looking at building a port with Perth-based miner Aquila Resources at Anketell Point in the Pilbara.

They will share information to determine whether the move would cut costs.

Aquila says the site has the potential to export up to 350 million tonnes a year of iron ore.

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