Iron ore price, page-8440

A little bit of info regarding Twiggys purchase for those that are interested.


Forrest swoop lifts FMG to ten week high



Fortescue Metals Group shares have surged to a 10-week high after the iron ore miner's founder, chairman and major shareholder Andrew Forrest bought more than $15 million worth of the company's stock.

The on-market purchase was Mr Forrest's first in two years and just his second in the past four years, and it comes just weeks after Fortescue launched a surprise buyback.

While there was no official co-ordination between Mr Forrest and Fortescue's purchases, they shape as a rear-guard action against the depressed valuations forced on the miner in 2018 on the back of price penalties applied to its iron ore.

Mr Forrest hinted the purchase of 3.95 million shares on October 26, which was technically conducted through his Minderoo Group company, was prompted by Fortescue's lowly recent valuations.


"Fortescue is a strong and highly profitable business which is attractively valued at the current market price," he said.