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