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Andrew Forrest Predicts Drop in Iron Prices

Fortescue Metals Chief Executive Andrew Forrest says that iron ore prices will drop this year.

He also insisted that the fall will not be directly related to the slowdown in China’s demand. Mr. Forrest was addressing the Diggers and Dealers conference in Western Australia goldfields city of Kalgoorlie.

As per him iron ore prices would be at $US100 per dry tonne in the September quarter. This would be a relative drop from the $US130 per dry tonne in the June quarter.

He also used his presentation to attack the revised Mineral Resource Rent Tax (MRRT) of the federal government saying that it favoured the big miners. The three big miners who negotiated the new mining law with the government are BHP Billiton, Rio Tinto and Xstrata.

Criticizing the MRRT he said that if the new taxation policy was implemented as it is, Canada, New Zealand and Uzbekistan would become more appealing investment destinations. He reiterated his commitment to campaign against the proposed tax.

Joel Scanlon

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Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

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