https://www.northernminer.com/
A headline published in The Age back in July 2003 reads: “[Andrew] Forrest has a grand $1.2bn plan for tiny Perth mining company.” That company was called Allied Mining and Processing and you’ve probably never heard of it. But from small roots this tiny outfit grew into one of Australia’s largest listed companies with a market cap exceeding A$88 billion.
Twenty years ago, Andrew (Twiggy) Forrest renamed this micro-cap stock to Fortescue Metals Group (ASX: FMG). The rest is history, but it was quite the story behind Twiggy’s road to immense wealth. Fortescue was perhaps the single biggest success story from the last mining boom. A stock that grew from a measly A2¢ per share back in 2003 to more than $10 a share just five years later.
It seems absurd, but that’s around a 50,000% return. Junior iron ore miners were the poster child from the early 2000s China-led commodity rush. However, it wasn’t a smooth road to success.
You see, back in 2003, Forrest was looking to break into the monopolized iron ore market, a sector dominated by mining giants Rio Tinto (NYSE: RIO; LSE: RIO; ASX: RIO) and BHP (NYSE: BHP; LSE: BHP; ASX: BHP).
For the rest of this column: https://www.northernminer.com/commentary/iron-ore-boom-of-the-2000s-repeating-this-time-with-critical-metals/1003864254/