FMG Is Feeling Generous And Founder Andrew Forrest Is In For A $102 Million Pay Day

Fortescue chairman Andrew Forrest. Photo: Getty Images

After facing a wipe-out only a year ago, Fortescue Metals Group is showing some love with its dividend pay out.

Yesterday it said it would splurge, with a ratio of 10 cents per share. That’s way more than the 4 cents per share analysts were predicting.

And, according to The Australian, it’s great news for billionaire founder and non-executive chairman Andrew “Twiggy” Forrest.

He’s in line for a tidy $102 million.

FMG posted a record full-year profit of $US1.75 billion yesterday. That’s up 12% year-on-year.

The Pilbara miner also predicted it will increase production to 155 million tonnes by the end of December.

FMG shipped 80.9 million tonnes of iron ore during the 2012/13 financial year, up 41% y-o-y.

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