Fortescue drops legal case against Argus

Australian mining giant Fortescue Metals Group (FMG) has withdrawn a legal case against Argus, in which it sought to prevent the publication of information about low-grade iron ore prices.

The move follows a London High Court decision on 22 May, in which Justice Robert Miles lifted an interim injunction against Argus aimed at permanently halting its reporting of FMG's prices.

FMG had sought the injunction against both Argus and its competitor Platts. Both news services have been reporting the company's monthly discounts for low-grade fines since 2014, without previous objection from the mining company. FMG began its legal action this year.

"We are very glad that the principle of press freedom has been so firmly re-established and accepted," said Adrian Binks, chairman and chief executive of Argus Media.

"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."