MARKET TALK: Fortescue Metals Breaks Through A$30 Mark

MARKET TALK: Fortescue Metals Breaks Through A$30 Mark
Iron ore developer Fortescue Metals (FMG.AU) up 6.7% at A$31.18, racing past A$30 mark for first time and taking market cap to A$8.3 billion, impressive for a company that as yet has no production. But belief is building that Fortescue will deliver on its promise to become a third force in Australian iron ore, muscling up to BHP (BHP.AU) and Rio (RIO.AU) and taking advantage of the China-driven surge in prices.