Fortescue's billionaire owner Forrest ups stake, lauds green efforts

Billionaire Andrew Forrest raised his stake in Fortescue Metals Group, snapping up a further A$242.9-million in the Australian iron ore miner he founded, and praised the group's environmental credentials.

Forrest, who is also Fortescue's chairman and largest shareholder, bought 22.1 million shares on top of the 1.09-billion he already owned, which represented a 35.3% stake.

Fortescue shares nearly tripled over 2019 thanks to higher iron-ore prices. The Perth-based miner last week reported a near four-fold jump in half-year profit.