Mr Forrest's comments appear to have pleased Fortescue shareholders, with the stock rising 5 per cent in the two trading sessions since he made the call for an export cap.
One of the few in the mining industry to support Mr Forrest's call was former Rio Tinto executive Mal Randall, who is now chairman of mineral sands junior MZI Resources.
Mr Randall said the idea of an export cap was valid in the current circumstances.
"I think his comments are justifiable but I can't see any way Rio, BHP and Vale ... would get together to help each other. But I think Andrew's comments in this industry at the moment are valid. It's unfair buyers can talk about pricing and tonnage but sellers can't," he said.
FMG Andrew Forrest caps
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Last
$21.41 |
Change
-0.260(1.20%) |
Mkt cap ! $65.92B | |||
| Open | High | Low | Value | Volume |
| $21.52 | $21.67 | $21.30 | $150.5M | 7.000M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 93 | $21.40 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $21.41 | 12657 | 3 |
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| Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
| FMG (ASX) Chart |