$20m? Says here he bought $40m....
Forrest shores up Fortescue with $40m
August 31, 2012
FORTESCUE Metals chairman Andrew Forrest - defiant in the face of sharp falls in iron ore prices and mounting evidence that the mining boom is rapidly losing steam - splashed out nearly $40 million to shore up confidence in the mining company he founded.
Mr Forrest, who now holds just shy of one-third of the miner, declared he would "continue to accumulate" shares in Fortescue, despite shares slumping 15 per cent in the past week to a more than two-year low.
The move came as spot benchmark iron prices tumbled to a post-financial crisis low of $US90.30 and the Chinese giant Baoshan Iron and Steel warned that global demand for iron ore would remain subdued, and could even drop.
"I certainly expect prices to bounce," Mr Forrest said in Perth. "I think it's been completely overdone."
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$20m? Says here he bought $40m....Forrest shores up Fortescue...
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