Fortescue Metals Group non-executive chairman Andrew Forrest has bought 12.7 million shares on-market at a cost of $62 million, bringing his stake in the WA iron ore miner to 995 million shares currently worth $4.8 billion. He now owns about 32 per cent of Fortescue, up from 31.5 per cent before Tuesday’s purchase. Mr Forrest is believed to have made the purchase as a vote of confidence in the company, whose share price has dipped 19 per cent in the last quarter. Fortescue’s shares are currently trading at around $4.85 each.
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