Forrest increases Fortescue stake

The founder and chairman of Fortescue Metals Group has reaffirmed his commitment to the iron ore industry by increasing his stake in the business, buying $6.9 million worth of shares in an on-market trade.

Andrew Forrest purchased just over 1.3 million shares in the Perth-based iron ore giant at a price of $5.24 each, with the reason for the buy undisclosed.

He now owns 1.04 billion shares in Fortescue, which at the miner’s current share price of $5.27 (at the time of writing, 11am), are worth about $5.47 billion.

It’s the first time in over two years since Mr Forrest has made any substantial transaction in Fortescue shares; he last purchased 1.75 million shares in the miner in June 2014 which were worth $6.9 million at the time, according to BNiQ data.

Between November 2013 and June 2014, Mr Forrest purchased $36.6 million worth of Fortescue shares over six separate transactions.