19/06/2014 - 15:36

Forrest spends $7m on FMG shares

19/06/2014 - 15:36

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Andrew Forrest has purchased 1.75 million shares in iron ore giant Fortescue Metals Group for about $7 million.

Forrest spends $7m on FMG shares
Fortescue Metals Group chairman Andrew Forrest.

Fortescue Metals Group chairman Andrew Forrest has purchased 1.75 million shares in the iron ore miner for about $7 million.

A change of director's interest notice showed a purchase of the shares by Mr Forrest for an average price of $3.97 a share.

Mr Forrest now holds 1.033 billion shares in the company.

The trade follows subsantial falls in the FMG share price in response to a big drop in the iron ore price, which currently sits around $US90 per tonne. 

Earlier in the week, Sundance Resources' non-executive director Andrew Marshall picked up 500,000 shares in Sundance at a cost of about $43,900. 

FMG's share price today rose by 4.98 per cent to $4.22 at 3.25pm WST. 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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