What You Don’t Know About Fortescue

SMH reported on the accuracy of Fortescue Metals Group (ASX:FMG) rags to riches story of its iron mining empire.

As quoted in the market news:

We’ve all heard the rags to riches story of Fortescue Metals Group (ASX: FMG) – the company that traded at just 3 cents per share (split adjusted) in late 1989, and hit a high of over $12 in 2008. The shares are now trading just over $4.50.

The conventional telling of this story is one of calculated risks taken by Andrew ‘Twiggy’ Forrest – of close calls and eventual success in extracting iron ore for the seemingly insatiable Chinese industrial market (and having the latter as significant funding partners for Fortescue).

Click here to read the full SMH report.