pilbara huge potential, page-6

news.com.au

Fat Prophets analyst Gavin Wendt said there was no question Mr Forrest had hit the jackpot with Fortescue, but it remained to be seen whether his grandiose visions would be fulfilled.

"He is Australia's greatest salesman. But there are a number of hoops he still has to jump through," Mr Wendt said.

"We are still in the early stages of this project so it remains to be seen how successful it is going to be."

Mr Wendt is not alone in his scepticism of Fortescue delivering on its promises. Several analysts have lambasted Mr Forrest throughout his meteoric rise, largely due to the ambitious production targets he publicly sets, and his association with the controversial Anaconda Nickel project - a multi million-dollar mining project that almost went bust.

A Macquarie analyst said last month Fortescue was barely worth $4.10 a share, citing doubts over the resource base and delivery.