Iron ore slump eats Andrew Forrest’s fortune

CANBERRA(Scrap Monster): The founder as well as the chairman of Fortescue Metals, Andrew Forrest, always felt confident that, the mining group, to be able to stand still even in the decline of the price of iron, and will be able to provide him with the capital for his philanthropic work.

Even so Andrew Forrest affirmed to the media that, the dividends from Fortescue will definitely continue to serve all the philanthropic ventures supported by the speaker. On Tuesday, reports showed that, the value of the company fell 7.7  percent to  2.74 dollars per share, which is the lowest  since the global financial crisis, which had left the company to struggle for survival. Shares of Fortescue have fallen up to 55 percent, and Andrew Forrest owned, about 6.2 billion dollars.

The company was found to be selling off all their stocks, when the price of iron ore declined slowly to  lower than last five years, with a price of 71.85 dollars per tonne of iron ore. The iron ore value declined 46 percent this year, striking all the iron ore miners.