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US giant takes 5pc stake in Fortescue Metals

  1. 331 Posts.

    From the pm edition of the Oz:

    US giant takes 5pc stake in Fortescue Metals

    • AAP
    • FEBRUARY 05, 2015 2:16PM
    US FUND management giant The Capital Group has taken a 5 per cent stake in the world’s fourth biggest iron ore miner Fortescue Metals Group.

    The Capital Group, which has assets of around $US1 trillion under management, confirmed it has purchased a 5.02 per cent stake in the pure play Pilbara iron ore miner at an average price of $2.34 per share over the past three months.

    The Capital Group did not previously hold shares in Fortescue (FMG).

    Fortescue shares, which slumped to $2 a fortnight ago, fell 3.5 per cent to $2.49 at 1pm (AEDT).

    The move by the Los Angeles-based parent company comes as the price of iron ore continues to slide.

    The steelmaking ingredient has more than halved to a five and a half year low of $US61 a tonne in the past year because of slowing demand for steel in China as the economy there grows at a slower pace.

    Still, Fortescue Metals continues to increase its output, lifting ore production by 2 per cent to 43.6 million tonnes during the December quarter.


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