Australian mining giant Fortescue Metals Group (FMG) has withdrawn a legal case against commodity price reporting agency Argus, in which it sought to prevent the publication of information about low grade iron ore prices. This move follows a London High Court decision last Friday, 22 May, in which Justice Robert Miles dismissed an injunction on Argus which aimed to halt publication.
Adrian Binks, chairman and chief executive of Argus Media said “we are very glad that the principle of press freedom has been so firmly re-established and accepted. Our job as objective commodity market reporters is to bring transparency to often opaque markets. Companies are able to make better decisions if they have access to high quality and accurate information about the markets in which they operate”.
More information about last week’s High Court judgment may be found here.
About Argus Media
Argus is an independent media organisation with more than 1000 staff. It is headquartered in London and has 25 offices in the world’s principal commodity trading and production centres. Argus produces price assessments and analysis of international energy and other commodity markets, and offers bespoke consulting services and industry-leading conferences.
Companies in 140 countries around the world use Argus data to index physical trade and as benchmarks in financial derivative markets as well as for analysis and planning purposes.
Argus was founded in 1970 and is a privately held UK-registered company. It is owned by employee shareholders, global growth equity firm General Atlantic and Hg, the specialist software and technology services investor.
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