Fortescue rips as profit evaporates

Monday, 9 March 2015

Not sure what’s driving this today? At today’s iron ore price of $58.10, FMG is no longer making money but while other iron ore miners are down hard today, it’s off to the races:

Falling dollar? Capital Group buying? New debt issue? Bottom fishing? Anyone heard anything?

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.