Fortescue Metals Group on Monday said its annual profit nearly tripled and decla...
The logo of Fortescue Metals Group adorns their headquarters in Perth, Australia, November 11, 2015. REUTERS/David Gray/File photo
Fortescue’s result comes amid a windfall for iron ore miners earlier in the year after supply disruptions and robust demand from China sent prices soaring. The miner’s shares have nearly doubled so far this year. The price Fortescue received for its ore in the June quarter jumped 30% from the previous quarter to $92 per dry metric tonne, narrowing its discount to benchmark 62% iron ore to 13 percent from as wide as 37 percent a year ago, the miner said last month.
“We have seen a strong start to FY20 and Fortescue is well positioned to continue to deliver benefits to all stakeholders,” Chief Executive Officer Elizabeth Gaines said in a statement.
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