Pursuits
Billionaire Forrest Leads BlackRock Buying Iron Ore: Commodities
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Australia’s richest man Andrew Forrest is buying iron ore shares at a time when producers are at their cheapest level in three years.
Forrest, the founder of Australia’s third-biggest iron-ore exporter Fortescue Metals Group Ltd., spent A$135 million ($137 million) buying stock in his company in June. BlackRock Inc., the world’s biggest money manager, this month outlaid about A$94 million to lift its Fortescue stake. The steelmaking raw material is forecast to gain 18 percent by the second quarter next year, data from three analysts surveyed by Bloomberg shows.