Fortescue Metals Group last week revealed a 10 for 1 share split in a bid to curry favor with retail investors as the iron ore group mobilizes its workforce to focus on the critical construction of a 270 kilometer railway by May 2008. The share split would be put to a shareholder vote soon.

Mr Herb Elliott chairman of FMG at AGM in Perth last week said that "The board has resolved to proceed with a share split set at 10 shares for every one share currently held. The rationale for the decision is the desire of the board to facilitate tradable liquidity in the stock to make the shares more accessible for the general public.’

Mr Andrew Forrest CEO of FMG said "There's no point in having either of port and the mine if we can't link them up with a railway line so that mining fleet has shifted onto the rail line."

According to the company's latest quarterly, construction of the mine works was 71% complete up to October 26th 2007 while the railway was 62% complete.

Mr Eamon Hannon company head of exploration told shareholders he planned to give them a new Pilbara project as a Christmas present. Mr Hannon said FMG was close to confirming a billion tonne iron-ore deposit at the company's Solomon tenement in the Chichester Ranges. He said "We've found 2.5 billion tonnes in the Chichester Ranges and we're confident the 2.5 billion tonnes will end up looking like 3.5 billion tonnes by the time the Chichester Range is finished.”