Andrew ‘Twiggy Forrest spends $11 million on shares in his Fortescue Metals Group

ANDREW “Twiggy” Forrest bought $11 million worth of shares in his Fortescue Metals Group when their value hit a five-year low this week.

Mining magnate, Andrew Forrest walks into the dining hall of Government House to have lunch with President Xi Jinping.

ANDREW “Twiggy” Forrest bought $11 million worth of shares in his Fortescue Metals Group when their value hit a five-year low this week.

Mr Forrest, one of Australia’s richest people, bought four million Fortescue shares on November 19 and 20, as the company’s share price was hammered as the price of iron ore also hit a five-year low.

The purchase takes Mr Forrest’s stake in the company he founded and chairs from 33.2 per cent to 33.3 per cent.

Fortescue shares are higher on Friday, up 2.1 per cent to $2.70 at 1300 AEDT, giving Mr Forrest’s stake a value of $2.8 billion.

That’s down from almost $3.5 billion just three weeks ago, and $6.2 billion in February, as the sliding iron ore price has more than halved Fortescue’s market value.

The company’s chief executive, Nev Power, also increased his stake in the miner on November 19, forking out $275,000.

Originally published as Andrew ‘Twiggy Forrest spends $11 million on shares in his Fortescue Metals Group