Fortescue’s billionaire chairman Andrew Forrest has warned that Australia’s miners risk being left behind as Chinese manufacturers upgrade plants and pivot to iron ore better suited for lower emissions steel making.
Forrest is the largest investor in Fortescue, the country’s third-biggest iron ore miner after BHP and Rio Tinto. All three are grappling with falling ore grades as Pilbara mines age, and Forrest said Chinese buyers were shifting to African and Brazilian deposits at the expense of Western Australia.
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Mark Wembridge covers resource companies for The Australian Financial Review, based in Perth. He formerly worked for the Financial Times in London and Hong Kong. Connect with Mark on Twitter. Email Mark at mark.wembridge@nine.com.au
