Search
Fortescue Metals Group chairman Andrew Forrest.

Forrest's govt intervention push panned

Mining industry groups in Perth and Canberra have come out today in favour of free markets in the iron ore industry, after Fortescue Metals Group chairman Andrew Forrest criticised the actions of heavywights Rio Tinto and BHP Billiton.

The Fortescue Metals Group founder has renewed his attack on BHP Billiton and Rio Tinto for continuing to increase supply despite softer demand for the commodity, and suggests their aim is drive competitors out of the market.

Australia was being "gamed" by the multinationals and losing tax revenue, Mr Forrest wrote in an opinion piece for Sydney's Daily Telegraph.

Mr Forrest urged Australians call on the federal government to consider their licences to operate "if they don't market Australian iron ore responsibly".

However, Minerals Council of Australia chief executive Brendan Pearson said Mr Forrest shouldn't be pushing for government intervention.

"Andrew Forrest is playing a dangerous game," Mr Pearson said in a statement.

"There is no role for government in 'managing' the iron ore market."

Any such move would give "a giant free kick" to Australia's competitors, such as Brazil.

"And one thing we know from commodity markets is that once given up, market share is very difficult to win back," Mr Pearson said.

"The Forrest view that Australia can effectively set the iron ore price is simply wrong."

Login

(existing subscribers)

The password field is case sensitive.
Request new password

Add your comment

BNIQ sponsored byLPC cresa

Share Price

Closing price for the last 90 trading days
Source: Morningstar

BN30 Index

Index = 100 as of 4 Jan 2016
Source: Morningstar

Total Shareholder Return as at 31/01/18

1 year TSR5 year TSR
195thMineral Resources59%18%
231stSouth3245%0%
393rdWoodside Petroleum9%4%
568thFortescue Metals Group-19%5%
722ndAtlas Iron-45%-55%
709 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

10/11/17
$0 Bought
03/10/17
$9k Issued
29/09/17
$0 Bought
Total value as at the date of the transaction
Source: Morningstar

Revenue

1st-Fortescue Metals Group$10,999.7m
2nd-South32$9,392.9m
3rd-Woodside Petroleum$5,715.9m
4th-Mineral Resources$1,470.4m
5th↓Atlas Iron$896.6m
498 listed resources companies ranked by revenue.
Source: Morningstar

Remuneration from Fortescue Metals Group

617thMark Barnaba$223k
731stSharon Warburton$170k
792ndElizabeth Gaines$161k
Ranked by total remuneration from all listed WA companies

BNiQ Disclaimer