Is the Fortescue share price a buy going into the FY22 result?
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Update time : 2022-08-24 21:25:00
The Fortescue Metals Group Limited (ASX: FMG) share price is under the spotlight as its reporting time gets close.
Fortescue is one of the biggest iron ore miners in the world. It’s expected to make a fairly large profit in the upcoming result and pay a pretty big dividend.
As a resources business, Fortescue’s short-term success is heavily linked to the performance of the iron ore price. If the iron ore price rises, it doesn’t cost much more for Fortescue to mine the iron, aside from government payments, so extra revenue can largely fall to the net profit line of the accounts. But, the reverse is true when iron ore prices fall.
