Fortescue Metal Group is likely to lodge an appeal after the Federal Court recognised a native title claimant group has exclusive rights over Pilbara land where the company operates the Solomon iron ore mine.

Shortly after the judgment was handed down on Thursday, senior Yindjibarndi lawman Michael Woodley vowed to launch a compensation claim against the company.

But FMG chief executive Neville Power on Friday said the company would look at its options and was likely to appeal the court ruling.

"We're looking at that now and I think we're likely to appeal," he told ABC radio.

"It's a very unusual decision in that the judge found exclusive native title possession on this land, which we think is unlikely to be the case, so we will be looking at it."

Fortescue shares fell 1.65 per cent on Thursday, and were down another 2.12 per cent to $5.08 on Friday morning following the court ruling, and a slump in the iron ore price overnight.

Spot ore with 62 per cent content delivered to Qingdao fell 3.1 per cent to $US68.05 on Thursday, according to Metal Bulletin Ltd. Prices have been volatile this year, hitting a peak in the $US90s in February before slumping to mid-June.

Fellow iron ore miners Rio Tinto and BHP were 1.93 per cent and 1.64 per cent weaker in early Friday trading. Sentiment in the broader sharemarket has also been hurt by news overnight that the sprawling US investigation into Russian meddling in the 2016 presidential election has widened with a new focus on Donald Trump's business transactions. 

In a judgment on Thursday, the Federal Court awarded the Yindjibarndi people exclusive rights over a section of Pilbara land where Fortescue operates the Solomon mine.

But in a statement to the ASX on Thursday night, Fortescue said the court's decision "has no impact on the current and future operations or mining tenure at the Solomon Hub".

"We have no commercial concerns and do not anticipate any material financial impact following the court's determination," the company said.

​Mr Power told ABC Radio said the predicted $100 million compensation claim touted in the media was "wildly inaccurate".

In his decision, Justice Steven Rares pointed to the presence of the Yindjibarndi in the area well before European settlement and the fact there were important cultural sites near the Fortescue mine.

"I have found that the Yindjibarndi are entitled to exclusive native title rights and interests over all of the unallocated Crown land in the claimed area and the Yandeeyara Reserve, except for a small area occupied by the Tom Price railway," he said.

"This includes the unallocated Crown land occupied by FMG's Solomon Hub mine."

The Solomon Hub, which includes two iron ore mines, is a key part of Fortescue's operations. The Solomon Hub produces about 70 million tonnes of iron ore a year. Overall, Fortescue produces about 165 million tonnes of iron ore a year.

BusinessDay with AAP