Australia ’s Fortescue Metals Group (FMG) almost doubled its cash inventory in the third quarter due to higher prices and higher quality products that increased its iron ore prices.
FMG has increased the quality of ore in its shipments by adding West Pilbara Fines products. With the launch of the Eliwana project next year and the Iron Bridge magnetite project in 2022, this trend is expected to continue.
Cash in stock increased from US $ 1.9 billion at the end of June to US $ 3.4 billion, enabling it to extend the A $ 500 million (US $ 3.4255 billion) share repurchase program for another year to October 2020. Its share price has risen by as much as 2.9% and is currently reported at A $ 8.83, up 1.4%.
