04/11/2016 - 11:16

Forrest increases Fortescue stake

04/11/2016 - 11:16

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The founder and chairman of Fortescue Metals Group has reaffirmed his commitment to the iron ore industry by increasing his stake in the business, buying $6.9 million worth of shares in an on-market trade.

Fortescue Metals Group chairman Andrew Forrest.

The founder and chairman of Fortescue Metals Group has reaffirmed his commitment to the iron ore industry by increasing his stake in the business, buying $6.9 million worth of shares in an on-market trade.

Andrew Forrest purchased just over 1.3 million shares in the Perth-based iron ore giant at a price of $5.24 each, with the reason for the buy undisclosed.

He now owns 1.04 billion shares in Fortescue, which at the miner’s current share price of $5.27 (at the time of writing, 11am), are worth about $5.47 billion.

It’s the first time in over two years since Mr Forrest has made any substantial transaction in Fortescue shares; he last purchased 1.75 million shares in the miner in June 2014 which were worth $6.9 million at the time, according to BNiQ data.

Between November 2013 and June 2014, Mr Forrest purchased $36.6 million worth of Fortescue shares over six separate transactions.

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