Fortescue hits over one-year low as cash balance drops 37% amid China buying curbs
08/10/2026 24:23
BUZZ-Fortescue hits over one-year low as cash balance drops 37% amid China buying curbs ** Shares of iron ore miner Fortescue FMG.AX fall as much as 2.6% to A$15.590, hitting their lowest level since July 2, 2025
** Stock logs its biggest intraday percentage drop since September 11** FMG says its cash balance fell 37% in the September quarter
** Warns its forecasts remain subject to ongoing negotiations with state-backed buyer China Mineral Resources Group
** FMG, in a preliminary update, reports that first-quarter iron ore shipments fell about 6% year on year to 46.8 million metric tonnes, hurt by maintenance activity, including scheduled port outload shutdowns
** Stock down nearly 30% this year, including session's moves
(Reporting by Rajasik Mukherjee in Bengaluru)
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