How to save Fortescue Metals Group

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Nev Power seems to have run out of ideas vis his firm’s future and as such is repeating himself rather pointlessly:

Fortescue Metals boss Nev Power has warned that talk of flooding the iron ore market with new supply has drained “enormous” amounts of money from the Australian economy.

…Mr Power said the low price had drained so much money from the industry that future investment was now limited.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.