Fortescue’s billionaire chairman Andrew Forrest has warned that Australian miners risk being left behind as Chinese manufacturers upgrade plants and pivot to iron ore better suited for lower emissions steel making.
Forrest is the largest shareholder in Fortescue, the country’s third-largest iron ore miner after BHP and Rio Tinto. All three companies are grappling with falling ore grades in the Pilbara as mines age, and Forrest said Chinese buyers were shifting their attention to African and Brazilian deposits.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.