Dear Matthew, Thanks for your words of support and interest in...

Dear Matthew, Thanks for your words of support and interest in Fortescue Metals Group Ltd. Fortescue’s share price has been volatile, and this is consistent with volatility in the seaborne iron ore price, which is something outside of the Company’s control. Share buybacks form part of Fortescue’s capital allocation strategy but need to compete with dividends as part of capital management (noting dividends enable the distribution of franking credits to shareholders). Fortescue views total shareholder returns through a long term lens, and I note that Fortescue’s three year and five year total shareholder returns are in excess of 300 per cent (assuming dividends are reinvested). Fortescue has an unlimited duration buy-back period governed by the 10/12 limit, but last repurchased shares in December 2018. Details are available on Fortescue’s website and the ASX website. Kind regards, Andrew DriscollHi

I was wondering about this very thing a couple weeks back, so I asked FMG the question and their Investor manager replied with the above. Which is consistent with Lerwicks post.

kind regards

MJAK