Australia's third-largest iron ore producer Fortescue Metals Group has announced that its founder and chairman Andrew Forrest has increased his stake in the company.
Between June 20 and June 25, Fortescue's chairman bought 12.8 million ordinary shares in Fortescue at a value of A$62 million. His share total has increased to 995.7 million, raising his shareholding to 32 percent in the company.
After the news of the share purchase, Fortescue shares increased by more than one percent in value.