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US funds giant Capital Group takes 5pct stake in Fortescue Metalsmce-anchor
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US-based fund management behemoth The Capital Group emerged on Thursday with a 5% stake in struggling iron ore miner Fortescue Metals Group.
Capital Group, which has about USD 1.25 trillion in funds under management, is a long term fund. Its move to take a substantial holding of 5.02% in Fortescue could be a bet on an iron ore price recovery.
The company Australia's third biggest iron ore miner is on a dramatic cost cutting drive, as it strives to keep its break even position comfortably above a huge slump in the iron ore price.
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The price fell again to USD 61.40 per tonne overnight Wednesday, a fresh five year low. It has crashed since January last year, when it was fetching about USD 130 per tonne.
Fortescue said last week that its current break even point had improved rapidly to about USD 53 per tonne from about USD 60 per tonne late last year. But it must be noted that because the position has many moving parts and changes with moves in the Australian dollar the miner was gunning to improve it still further.
Source – SMH
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iron ore price, page-1692
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